PishPosh, an online retailer of baby products, withdrew its plans for an initial public offering on Friday. It had filed to raise $6 million by offering 1.7 million shares at $3.75. The company had not updated its prospectus since July 2023.
Because the company was expected to have a post-IPO market cap of less than $50 million, PishPosh will be excluded from Renaissance Capital's 2024 IPO stats.
The Lakewood, NJ-based company was founded in 2015 and booked $21 million in sales for the 12 months ended March 31, 2023. It had planned to list on the NYSE American under the symbol BABY. Boustead Securities and Sutter Securities were set to be the joint bookrunners on the deal.
