Lindows postpones IPO
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Posted in Business, 19th August 2004 10:23 GMT
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Lindows is postponing its IPO, citing market conditions. The Linux distro vendor has not abandoned the idea altogether - its S-1 registration statement remains on file with the Securities and Exchange Commission.
Now for a statement from Michael Robertson, Lindows CEO: "Lindows won't be forced into a cut-rate IPO by a fickle stock market. We are fortunate to have cash in the bank, and we owe it to our stockholders to wait until market conditions and public company valuations improve before we proceed with a public offering."
Lindows is a very small company - turning over less than $5m a year, but it has big name recognistion, thanks to its trademark run-in with Microsoft. Last month, it agreed to drop the Lindows name from its software - now called Linspire. In return, Microsoft dropped legal action and gave the company $20m. So it does not need to IPO, right now.
Lindows had aimed to raise up to $57m from its IPO, when it announced its intention to float in April. Since then, underwriters have slashed the price range of its shares from $7-$9 to $5-$7. ®
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