PishPosh postpones $9 million IPO, two days after stock is valued
In an unusual move, Boustead Securities has postponed an initial public offering for children’s retailer PishPosh (NASDAQ:BABY) nearly two days after the stock was priced.
PishPosh has announced a delay for a statement issued on Thursday. The company gave there’s no reason for the delay, just saying that it intends to pursue an IPO at a later date.
PishPosh announced early Wednesday that it has a valuation Its 1.8 million shares at $5 a share, which should have raised $9 million in total proceeds. The shares are expected to begin trading later that day on Nasdaq under the symbol BABY, with the deal closing on March 10.
The Wall Street Journal reported on Wednesday afternoon that the deal appears to have been delayed due to weaker than expected demand for the stock.
Based in New Jersey, PishPosh is a marketer of baby products and supplies. The company primarily sells its goods through the pishposhbaby.com website and third-party sellers like Amazon.
The online retailer first filed for an IPO in October, looking for 8 million dollars.