Nanotechnology startup shelves $100 million IPO
PALO ALTO, Calif. -- Nanosys Inc., a well-connected developer of nanometer-scale structures composed of chemically and biologically sensitive materials, and widely seen as the poster-child of the nanotechnology boom, has withdrawn its initial public offering of shares.
The company said Wednesday (August 4) that "adverse market conditions" meant that it was not advisable to proceed with the proposed offering.
Two weeks earlier the company had said it would price an offering of 6.25 million shares at between $15 and $17, and was set to raise between $94 million and $106 million.
Nanosys, is a well-backed and well-connected start-up and looks set to be one of the first of a generation of start-ups targeting nano-scale engineering. Nanosys' nanostrucutures could be used in a wide variety of applications from solar panels, flexible screens to dense computer memory.
The company announced it had agreed to work with Intel Corp. to investigate future memory systems in January 2004 and Intel Capital took part in the company's $38 million second round, which closed in June 2003.
Nanosys was included on version 1.0 of the Silicon Strategies' 60 Emerging Start-ups list published in April 2004.