MobiTV IPO watch: U.S. mobile TV software developer MobiTV withdrew its 75 million IPO (initial public offering) plan, and said this move was because of ” unfavorable market conditions.”
MobiTV, based in California, filed its IPO registration statement with the U.S. SEC (Securities and Exchange Commission) in August last year. The company intended to raise $75 million in its IPO, but currently the company has requested that the Commission issue an order granting the withdrawal of the registration statement. MobiTV provides services which allow smartphone users to watch TV in real time; this is a challenging market, because the user can choose the free on demand YouTube video service, and can also select the video subscription services of Netflix and Amazon.
In spite of Facebook IPO failure in May this year slowed down the development of the technology IPO market, there are still many companies seeking to launch an IPO. Business software developer ServiceNow saw its share price rising 34% since its IPO last month. Palo Alto Networks and Kayak Software, the two technology companies plan to go public this week. The Standard & Poor’s 500 index fell 6.3% in May, but since the end of May, the index has risen 3.5%.
According to regulatory filling filed with the SEC, MobiTV has never been profitable, despite the company grew its revenue for last year by 27% over the prior year, to $85.1 million; but last year’s net loss amounted to $11.8 million.
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