Allaire Corp, maker of the Cold Fusion web application server and HomeSite web development tool, has become the latest company to postpone its plans for an initial public offering, which it announced in August, citing the current volatile market conditions. The Cambridge, Massachusetts company was looking to raise about $35m in its offering, which it hoped to get away by the year-end, but it says it will now do a third private placement round, most likely from its existing set of investors, which it has been speaking to over the past few days. The Allaire board only approved the decision on Tuesday, so it was not willing to say yesterday how much it is looking to raise, but it will obviously be less than it would have got from an IPO. It says an IPO is still its ultimate goal and it now has its ducks in a row to do it again. So we should perhaps expect it early next year. In the six months to June 30 this year, the company’s cash line went from $5.5m to $4.0m. It raised $9.3m in May 1997 and about $2.5m in mid-1996. It investors are: Polaris Venture partners; BancBoston Ventures Inc; The Rosewood Stone Group; and Wessell’s, Arnold & Henderson. Last week the IPOs of Healtheon Corp and theglobe.com were postponed for similar reasons (10/23/98).
