SurgiVision Inc., a developer of medical equipment and software for magnetic resonance imaging, postponed an $18 million initial public offering after reducing the size of the IPO by more than half.
The Memphis, Tennessee-based company shelved an offering of 3.68 million shares at $5 each, according to Bloomberg data and a filing with the Securities and Exchange Commission. SurgiVision originally sought $37.5 million and had delayed the IPO on July 28. The medical-equipment maker intended to use the proceeds for research and development, according to the filings.
At least seven other U.S. offerings have been postponed or withdrawn this quarter, while 38 percent of IPOs completed since the end of June left buyers with losses as the Standard & Poor’s 500 Index extended its 2010 drop to 5.9 percent, data compiled by Bloomberg show. Filings for initial sales climbed to the highest since 2007 last quarter even as deals were shelved at the fastest rate worldwide since the collapse of New York-based Lehman Brothers Holdings Inc.
Rodman & Renshaw LLC of New York and Newbridge Securities Corp. were hired to lead the offering.