Newgistics drops IPO

   Austin, Texas-based Newgistics, a provider of third-party logistics services for retailers, has cancelled plans for its initial public offering (IPO).
   In its filing, the company said the reason behind withdrawing its IPO filing was “unfavorable market conditions.” In March, Newgistics had filed for an IPO of up to $86.25 million, while also looking to redeem all outstanding shares of a series of preferred stock.
   The volatility in the market has led to many companies across many sectors withdrawing and revising IPO filings in the past few months. November was marked by companies across the technology gamut seeing healthy investor interest and then struggle to have IPOs come anywhere close to their expected valuation.
   American Shipper has called 2012 the “Year of the deal,” and while IPOs will play a role in that market barring another collapse, news like this may make strategic buyouts more appealing in the months to come. – Geoff Whiting