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Wired tells why it dropped IPO

Published on .

Wired Ventures said media reports on Friday speculating on reasons it killed its planned initial public offering are "incorrect." Wired pulled its IPO on Thursday due to "market conditions, particularly as they pertain to Internet-related companies," the company said in a statement.

It had been reported that the reason for the pullback was an e-mail missive from Wired CEO Louis Rossetto to employees that somehow ended up being posted on the Well online service. Posting such a note could be considered public hyping of a stock during a company's so-called "quiet period."

This is the second time Wired has pulled its IPO. The company hoped to raise $61.75 million and issue 4.75 million shares. But reports of continued losses at the company may have soured the market.

Copyright October 1996, Crain Communications Inc.

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