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IPO Story
Lehman Announces Postponed IPO Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 11, 2004 Tonight, an underwriting team led by Lehman Brothers and UBS Investment Bank, announced that declining market conditions forced the derailment of the IPO from Transportation Technologies (proposed: TTII). The company is a manufacture of large truck components. It had planned to sell 8.75 million shares at $15-$17. While PlanetOut (proposed: LGBT), an online media firm, announced that it is delaying its IPO due to market conditions. The company had planned to sell 4.65 million shares at talk of $12-$14. A tough market for the IPO led the banking team, which was anchored by SG Cowen Securities and RBC Capital Markets, to cut the proposed talk to $9-$11. W.R. Hambrecht + Co. was the deal's lone co-manager. Claria, an online advertising company, announced that it was withdrawing plans for a $150 million IPO, citing market conditions. Deutsche Bank Securities was the lead underwriter. E-mail: jeffh@currentofferings.com. |
