Intermedia Cloud Communications, which provides a cloud-based communication platform for businesses, withdrew its plans for an initial public offering on Wednesday. The company had set terms in March 2021, but the deal was later postponed. Intermedia revived its IPO in September 2021 with a $100 million blank filing, and periodically updated its prospectus since then; its last updated was in May 2023.
The Sunnyvale, CA-based company was founded in 1993 and booked $310 million in revenue for the 12 months ended December 31, 2022. It had planned to list on the Nasdaq under the symbol INTM. Morgan Stanley, J.P. Morgan, Credit Suisse, Evercore ISI, and Jefferies were set to be the joint bookrunners on the deal.
