Bcom3Group Inc., one of the leading ad conglomerates, has postponed plans for an IPO, citing difficult market conditions.
The Chicago company said last year that it would launch an IPO within 18 months, “based on market conditions.”
Bcom3Group CEO Roger Haupt told employees in a letter that the promise will not be kept this year.
“Market conditions are volatile, and the business environment has changed dramatically,” Haupt said in a statement. “These conditions are likely to persist for some time. In light of this, Bcom3's board of directors has concluded that it would be unwise for us to launch a new public company in this calendar year.”
Bcom3's portfolio includes Leo Burnett Worldwide, D'Arcy, N.W. Ayer, Starcom MediaVest Group, Manning Selvage & Lee and Medicus International. It has 18,000 employees in more than 90 countries.
