RealTime IT News

Asia Online Pulls IPO

Hong Kong-based Asia Online Ltd. on Tuesday night decided to pull its $100-million initial public offering citing market conditions.

"Based upon changed circumstances in the securities markets, the Registrant has determined at this time not to pursue the initial public offering of equity securities," the company wrote in documents filed with the Securities and Exchange Commission.

Asia Online initially filed to go public on Aug. 2. But over the past month, the Nasdaq Composite Index has lost over 10 percent of its value.

Asia Online provides Internet-related services ranging from access and hosting to consulting services. The company focuses primarily on the needs of small and medium-sized enterprises in the Asia-Pacific region.

In April 1999, the company changed its name to Asia Online from Conrad ISP. The company has operations in Australia, New Zealand, Hong Kong, Malaysia, the Philippines, Canada and the United States.

Pro forma revenues for 1999 were $27.1 million, and for the six months ended June 30, 2000 were $17.1 million.

The company is 23-percent owned by Softbank affiliates.