Bad news for the slowly recovering Internet IPO market: Online marketing/lead-gen firm QuinStreet has reduced the size of its offering by about a third, suggesting lower-than-anticipated demand.
QuinStreet now expects to raise $165 million from its IPO at an assumed price of $18.00 per share, according to a revised SEC filing.
In its first S-1, filed last November, the company said it expected to raise $250 million.
Credit Suisse, BofA Merrill Lynch, and JP Morgan are underwriting the offering.
(Via paidContent, via PEHub.)
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