Jan 25 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
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
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."