Valtech, which provides outsourced enterprise IT development services, postponed its IPO on Wednesday citing market conditions. It had filed to raise $100 million by offering 6.7 million shares at a price range of $14 to $16.
The London, United Kingdom-based company was founded in 1993 and booked $296 million in sales for the 12 months ended June 30, 2018. It had planned to list on the Nasdaq under the symbol VTEC. J.P. Morgan and Morgan Stanley were set to be the joint bookrunners on the deal.
