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Irish firm Globoforce pull out of IPO

Friday, March 21 16:41:12

Dublin-based Globoforce, which provides cloud-based employee recognition software solutions to enterprises, withdrew its plans for an initial public offering today.

It cited volatile market conditions for the decision.

Globoforce dropped its price range and decreased the number of shares offered yesterday, lowering the proposed deal size by 26pc. It was expected to price last night.

The company was founded in 1997 and booked $187 million in sales for the fiscal year ended December 31, 2013. Globoforce initially filed confidentially on January 9, 2013. J.P. Morgan, Credit Suisse, UBS and Stifel were set to be the joint bookrunners on the deal.

In our Upcoming IPOs Poll , Globoforce had not been voted the hottest deal, but it did receive the most votes out of the group.