Business Technology

Friday 29 August 2014

Dublin-based Globoforce pulls IPO plans, cites current market conditions

Ailish O'Hora

Published 21/03/2014 | 07:58

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Two women hold umbrellas as they walk past the Nasdaq MarketSite in New York's Times Square, August 22, 2013. All trading on Nasdaq, the second-biggest U.S. stock exchange, was halted on Thursday shortly after midday due to a technical problem, the exchange said.  REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS)
Two women hold umbrellas as they walk past the Nasdaq MarketSite in New York's Times Square - Irish software firm Globoforce is set to list on the Nasdaq within weeks. Photo: Reuters/Lucas Jackson.
Software firm Globoforce

Dubin-based Software firm Globoforce last night postponed its Initial Public Offering plans.

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It would have been the first substantial Irish listing in a decade.

However, chief executive Eric Mosley said last night the company would look at floating when market conditions are more favourable.

Prior to its decision to postpone the IPO, it reduced the size of the offering but later pulled the flotation plans.

“Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favorable for our company and our customers,” said Eric Mosley, CEO of Globoforce. “Our growth objectives and market opportunity remain the same."

The company, which helps big corporations provide rewards for their employees, originally planned to raise €54m by offering 4.4 million shares on the Nasdaq giving it a market value in the region of €340m.

A market value in the region of €340m is suggested by the share-price range of €11.50 to €13 and the proposed ticker symbol is THNX.

It had originally planned to list on St Patrick's Day but pushed out the date.

Investors in Globoforce include Barry Maloney's Balderton Capital, which has a 41.5pc; Riverdeep founders Patricia Burke and Ed Wallace; former Irish Life & Permanent treasury head David Gantly; and US venture fund Atlas, which has a 31.4pc holding.

 

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