Phase2Media Inc. has pulled its proposed $57.5 million initial public offering, citing market conditions.
The New York-based interactive advertising and marketing firm filed last May with the Securities and Exchange Commission to go public. At that time, Phase2Media did not disclose an offering price for its IPO shares. The filing was for a listing on the Nasdaq exchange under the symbol PTWO. The lead underwriter of the offering was Robertson Stephens.
For first quarter 2000, Phase2Media reported a net loss of $3.3 million, or 54 cents per share. Revenue for the quarter was $5.2 million.
Its clients include Elle Interactive Network and Maxim Magazine Online. It is not known whether the company plans to refile its registration in the future.