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Thursday, 11 January, 2001, 06:43 GMT
Altavista cancels stock listing
altavista logo
Altavista had hoped to raise between $18 and $20 per share
The internet portal Altavista has pulled out of a planned stock market float because the market is too rocky.

A launch under current market conditions would probably sharply undervalue the company's shares - at least in comparison to its own ambitions.

Altavista had hoped that the Nasdaq listing would have netted up to $300m.

"The company is requesting withdrawal of the registration statement due to continuing unfavourable conditions in the financial markets," the company said in a written file handed over to the US financial regulator, the Securities and Exchange Commission.

Altavista is owned by the internet holding company CMGI and by the PC maker Compaq Computer.

CMGI owns about 80% of the shares, Compaq about 20%.

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See also:

06 Mar 00 | Business
Altavista heralds net revolution
07 Dec 99 | Business
AltaVista takes a UK view
07 Dec 99 | Business
Q&A: Unmetered internet access
30 Aug 00 | Business
Altavista UK boss resigns
07 Mar 00 | Business
Q&A: Internet price wars
29 Jul 98 | Sci/Tech
A tale of two Alta Vistas
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