AutoTrader withdraws $300 million IPO
(Reuters) - Online automobiles marketplace operator AutoTrader Group Inc on Friday withdrew its $300 million initial public offering, citing prevailing market conditions.
The withdrawal comes at a time when the U.S. IPO market is showing signs of recovery after a tough 2012.
The more than $1.8 billion in proceeds raised last week by five companies that made their market debuts was the highest weekly amount since October, according to market data firm Ipreo.
The company, which owns the AutoTrader.com and Kelley Blue Book brands, filed with the U.S. Securities and Exchange Commission in June to raise capital through a sale of its class A shares.
The Atlanta-based company, which generates revenue mainly through subscriptions for new and used car listings and advertising, had named Goldman Sachs and Morgan Stanley as the lead underwriters to the IPO.
AutoTrader Group planned to list its Class A shares on the New York Stock Exchange under the symbol "ATG."
(Reporting by Ashutosh Pandey in Bangalore; Editing by Supriya Kurane)