HOUSTON (Oct. 12, 4:50 p.m. EDT) — Web-based plastics exchange CheMatch Inc. has withdrawn its preliminary filing for an initial public offering and plans to raise money through private sources.
The Houston company registered with the Securities and Exchange Commission in March, planning to raise as much as $60 million by selling 5 million shares of stock.
The company held on as long as it could throughout the summer, when other Web-based companies changed plans.
"But the market has actually gone down further due to the Nasdaq," said Clay Jeansonne, CheMatch vice president of investor relations. "There´s no appetite for Internet companies."
CheMatch plans to raise capital through future rounds of private funding and by having outside companies take equity positions in the company, Jeansonne said.