New York broker Clear Street has postponed its initial public offering hours after slashing the size of the planned deal by two-thirds, blaming volatile market conditions for its last-minute retreat.
The company had aimed to list on Nasdaq on Friday following an IPO it had hoped would raise as much as $1.1bn, according to filings with US regulators on Wednesday. At the top end of its price range the deal would have valued Clear Street at about $12bn.
Those plans were massively scaled back on Thursday when Clear Street said it aimed to raise $364mn in a downsized offering that would have valued the company at $7.2bn.
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