Local Media/Directory Firm Local Matters Withdraws Its Proposed IPO

Not a surprise as it had been stuck in limbo for a long time: Local Matters, the Denver-based local search and directory company headed by MapQuest founder Perry Evans, has withdrawn its IPO, citing “changed circumstances regarding the securities markets”, meaning market conditions. Earlier this year it had lowered its offering terms to 6.67 million common shares being offered at between $5.40 and $6.60 per share. The company, founded in 2005 as a rollup, filed its S-1 back in March 2006 and never progressed from there. It has raised $43.5 million in VC funding since 2002 from firms like Spencer Trask Ventures, Sandler Capital Partners, Kings Road Investments and Software Seed Capital Partners.

Recently the company canceled its merger with mobilePeople, a mobile search and advertising company.


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