Skyauction.com (www.skyauction.com), which offers access to airline tickets, hotels, resorts and tour operators, on Nov. 20 withdrew its planned $70 million initial public offering due to unfavorable market conditions. The online auction site for travel products and services had not said how many common shares it expected to offer or the price per share since announcing in July its plan to go public. In a filing made with the Securities and Exchange Commission, the company wrote that it "no longer intends to sell Skyauction.com stock due to current unfavorable market conditions." The company said it had planned to use the net proceeds from the IPO for general corporate purposes, including expanding its operations, advertising, and capital expenditures as well as possible acquisitions.
Copyright November 2000, Crain Communications Inc.