Business Services Industry

Nasdaq High Tech Sell-Off Forces Israeli Companies To Cancel IPOs.(Brief Article)

Israel Business Today, October, 2000

The current lack of investor interest in the high tech sector is forcing a growing list of Israeli companies that were planning initial public Nasdaq offerings to either cancel them or to search for private placements. The latest Israeli company to cancel its IPO, Xacct is an internet billing company.

Executives of Xacct called conditions terrible for an IPO and suggested all Israeli high tech companies call off IPO, aftempts until things become more stable. One company's failure now could shake underwriter's confidence in bringing Israeli high tech companies to the market in the future. By waiting for the market to recover and Arab violence to recede, Israeli high tech companies will not only have better IPO acceptance, they will get better prices. Waiting is...

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