Intermedia Cloud Communications, which provides a cloud-based communication platform for businesses, postponed its IPO on Thursday, citing challenging market conditions. It had filed to raise $300 million by offering 12.2 million shares (17% secondary) at a price range of $23 to $26.
The company provides a proprietary cloud-based communications and collaboration platform, purpose-built for a network of more than 7,000 channel partners and used by a growing base of over 122,000 business customers.
The Sunnyvale, CA-based company was founded in 1993 and booked $252 million in revenue for the 12 months ended December 31, 2020. 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.
