Groupon, Zynga reportedly delay IPOs
The Internet darlings reportedly are delaying their initial public offerings amid the turbulence in the stock market.
Groupon and Zynga were seen as the eventual exclamation points on this year's IPO boomlet of Internet-related companies, especially social-media newcomers. But companies in a number of industries have canceled their offerings at a rapid pace over the last month as investors look askance at investments seen as risky.
Groupon, which offers daily deals over the Internet, is postponing its offering, according to Bloomberg News. Meanwhile, online gaming site Zynga may delay its IPO until early next year, CNBC reported.
Despite the jittery market, at least one company is moving forward with a hoped-for stock offering, though it would be months before its actual debut.
Private-equity firm Carlyle Group filed Tuesday for an IPO, following in the footsteps of rivals Blackstone Group and Apollo Global Management.
Not that investors should get too excited. For all their supposed Wall Street acumen, Carlyle’s private-equity brethren have been notoriously poor performers.
Blackstone sank soon after going public at $31 in June 2007, and has never neared its IPO price. It closed Tuesday at $12.50.
Apollo Global Management has slumped to $12.19 from the $19 at which it went public in March. And Fortress Investment Group, which debuted at $18.50 in early 2007, trades at $3.14 today.
-- Walter Hamilton