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That huge barrage of technology IPOs this year? It’s fired its first dud.
Southborough software firm Globoforce Group plc abruptly cancelled its planned initial public offering late Thursday night, just hours before it shares were expected to trade on Wall Street. The company cited unfavorable “market conditions,” though people in the financial sector said it is more probable investors were lukewarm toward Globoforce’s business.
Adley Bowden, director of research at PitchBook, a venture capital research firm, said Globoforce’s last minute pullback also suggested the large financial institutions that typically invest in IPOs are becoming picky.