Online bookseller Alibris pulled its IPO May 21, explaining that the offering did not generate a high enough price to go forward. Alibris had been seeking to sell 2.5 million shares priced at a minimum of $10 per share. The company was using an open auction in its attempt to go public, a process that allows investors to bid on the price they will pay for a company's shares.
Company CEO Marty Manley had no comment on the pricing, but said investors want companies that are bigger than Alibris or already profitable. In 2003, Alibris had sales of $45 million and an operating loss of $4.9 million. Manley said the company will be profitable in 2005. The company recently raised $5 million in private financing, which will be enough to fund the company's expansion plans.
