Tech IPO market suffers from chronic problems; Even Google couldn't turn the tide for VC-backed technology companies.(News)

Investment News, August, 2005

Byline: Brooke Southall SAN FRANCISCO - A bewildered venture capital industry is licking its wounds now that the market for initial public offerings of technology firms has hit the skids again. Only 10 venture-backed companies pulled off IPOs in a second quarter that saw industry experts bracing themselves for a period of chronic underperformance.

There were 29 venture-backed IPOs in last year's second quarter and 93 for the year. In the first half of this year, there were just 20. This has proven to be a letdown from buoyant expectations. "The IPO market came to life last year, and the expectation was that it would continue this year,'' said Mark G. Heesen, president of the Arlington, Va.-based National Venture Capital Association....

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