Nexsan IPO postponed due to 'market conditions'
Digital storage company Nexsan Corp. postponed its $55 million initial public offering, according to its underwriter Thomas Weisel Friday, because of "market conditions."
While the IPO market hit some bumps earlier this year because of turbulent stock markets, there have recently been some successful offerings from technology and financial companies.
On Thursday night, metals processor Metals USA Holdings Corp. raised about $239.4 million after pricing shares above the expected range and increasing the number of shares it planned to sell. It is expected to start trading Friday on the New York Stock Exchange.
Nexsan had hoped to raise about $55 million this week.
The Thousand Oaks, Calif., company makes disk-based storage systems that hold digital information such as e-mail, documents and digital video recordings. It provides storage services for mid-sized businesses and smaller offices of big corporations — markets which Nexsan said have been underserved by other major computer storage providers.
Keith Lister, head of Thomas Weisel's syndicate desk, did not comment on when the company expected to go public.