Buy-side trading network Liquidnet has shelved plans to go public until 2010 due to poor market conditions.
Liquidnet filed for a $500 million initial public offering (IPO) with the US Securities and Exchange Commission (SEC) in July, with the intention of staging the float in the final quarter.
"Back when we filed to do an IPO, Citibank was trading at $50, Goldman Sachs was at $150 or something ... a lot has changed since we filed (in July)," Seth Merrin, founder and chief executive, told Reuters in an interview.
"My guess is probably it would be sometime in 2010," he said, referring to the IPO.
Merrin told the newswire that financial stocks would need to stage a strong recovery before Liquidnet could consider a listing. Liquidnet to delay IPO until 2010 - Reuters