German embedded chip maker congatec Holding postpones $60 million US IPO

congatec Holding, a German fabless provider of embedded computer-on-module solutions, postponed its IPO on Friday citing poor market conditions. It had planned to raise $60 million (23% insider) at a market cap of $202 million.

The Deggendorf, Germany-based company was founded in 2004 and booked $92 million in sales for the 12 months ended June 30, 2015. It had planned to list on the Nasdaq under the symbol CONG. Stifel and Needham & Co. were set to be the joint bookrunners on the deal.