netLibrary Cancels IPO Plans

netLibrary has announced it has canceled its IPO plans, citing market conditions as the key reason. The company announced earlier this year its plan to raise a further $82 million, on the back of the $115 million it has raised in private financing.

"Given the current market conditions, we have put [the IPO] on hold," said netLibrary representative Brian Bell. "There really isn't any sort of connection between the business itself and the decision not to do the IPO right now. The decision is based strictly on markets."

According to netLibrary it now has over 28,000 titles online, and has sold more than 160,000 copies. The company had third-quarter revenues of $4.5 million.