Intermedia Announces IPO Delay

Cloud communications solution provider Intermedia announced the company will hold off on plans for its initial public offering.

The abrupt changes most industries are facing now due to the unpredictable nature of the pandemic are causing many businesses to reevaluate long term plans. Representatives of Intermedia believe initiating the public offering at this time may have negative consequences for potential public investments. Though many business operations around the world are returning to work, new spikes in COVID19 have some countries moving back into lockdown.

"Due to challenging current conditions in the market for initial public offerings, especially for technology companies, we have decided to postpone our planned initial public offering," said Michael Gold, Intermedia's Chief Executive Officer. "While we received strong interest and engagement from the broader institutional investor market, we are seeing adverse conditions in the current IPO market that we believe would limit the opportunity of our IPO at this time. The current adverse conditions may be short-lived, and we will continue to monitor the market for more stable and favorable IPO conditions."

Representatives of Intermedia have not commented on plans to reschedule their plans for a new IPO, so it is not clear if this will be a short setback or an indefinite delay.

Edited by Maurice Nagle