Poppe Tyson, New York, said Thursday it has postponed its initial public offering indefinitely, citing "unfavorable market conditions." The unit of Bozell, Jacobs, Kenyon & Eckhardt, specializing in interactive and business-to-business marketing, had completed a road show for investors and had hoped to go public this week. However, the market for small-cap Internet marketing stocks has gone soft, with other recent IPO stocks such as CKS Group and Leap Group down 20% or more from earlier in the year.
In a short press release, Poppe said it believed current conditions "do not support a valuation which [we] believe is appropriate."
The postponement raises questions about another IPO in the offing, for TN Technologies Holding. Ranked by interactive revenue, TN Tech is the largest company in the niche. Though it has registered for an IPO with the Securities & Exchange Commission, TN Tech is unlikely to start trading before 1997.
Copyright December 1996, Crain Communications Inc.