October 11, 2019 / 1:54 PM / 6 days ago

Dutch tech firm CM.com scraps planned $110 million IPO

AMSTERDAM (Reuters) - Dutch communications technology company CM.com on Friday said it had shelved its plans for an initial public offering of shares.

“CM.com and its two founders have decided not to proceed with the planned Initial Public Offering at this time given unfavorable market conditions,” the company said.

CM.com last month said it was looking to raise around 100 million euros ($110 million) with its IPO, which was scheduled for Oct. 11.

The company said on Thursday it would extend the offering period for the shares, as Dutch media reported there was not much interest among potential investors.

CM.com provides a platform combining popular messaging channels to allow companies to communicate with customers via social media and text messages, and also handles mobile payments.

Its sales rose 5.5% to 44.3 million euros in the first six months of this year, while operating profit fell 17% to 451,000 euros.

Reporting by Bart Meijer; editing by David Evans

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