German semiconductor company congatec Holding withdraws $60 million US IPO

congatec Holding, a German fabless provider of embedded computer-on-module solutions, withdrew its plans for a US initial public offering on Tuesday. It had filed terms in November 2015 for a $60 million offering at a market cap of $203 million, but postponed its IPO.

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.