September 22, 2008 / 10:37 PM / in 9 years

UPDATE 1-Fluidigm postpones IPO, citing market conditions

(Adds details about the deal, IPO market)

NEW YORK, Sept 22 (Reuters) - Fluidigm Corp (FLDM.O) postponed its initial public offering on Monday, citing market conditions, according to one of the deal’s underwriters.

The South San Francisco, Calif.- based provider of systems designed to optimize laboratory functions had planned to raise $79.5 million with the sale of 5.3 million shares, according to a regulatory filing.

The stock flotation would have been the first IPO in the United States since early August, but became the 64th IPO to be withdrawn or postponed this year.

The IPO market is in the midst of its most severe downturn in five years. There have been 30 IPOs this year, generating about $26.7 billion in proceeds, roughly a quarter of the activity at this time last year, according to Thomson Reuters data.

    The deal was originally set to have priced last Thursday but negotiations continued on Friday into Monday. The estimated price range was between $14 and $16.

    The underwriters were led by Morgan Stanley (MS.N) and UBS Investment bank, a unit of Switzerland’s UBS AG UBSN.VX.

    Reporting by Phil Wahba; Editing by Bernard Orr

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below