Nov. 11 (Bloomberg) — Balderton Capital, a London-based private equity firm, is preparing four software and technology companies for initial public offerings next year and may resort to selling them if market conditions don’t improve.
Online game developer Big Fish Games Inc., telecommunications software company Openet and employee recognition systems developer Globoforce Ltd. could sell shares in the U.S. while online retailer The Hut Group Ltd. may hold an IPO in the U.K., Balderton Capital founding partner Barry Maloney said in an interview in London.
“We’re working hard so that they’re ready by the end of the first quarter next year and then we’ll see when the markets reopen,” Maloney said, adding that it’s “hard to predict” whether all four companies will go public or be sold. “You’d want to be a wizard looking into a crystal ball with the markets at the moment, it’s changing so quickly.”
Appetite for new stock sales shrank as Europe’s debt crisis spurred volatility in global markets. The value of withdrawn or delayed initial public offerings this year rose to $47 billion, the most since Bloomberg began compiling the data in 1997. This year, Siemens AG suspended an IPO of its Osram lighting unit, while U.S. defense equipment maker ADS Tactical Inc. and Shanghai-based Xiao Nan Guo Restaurants Holdings Ltd. abandoned offerings.