Reuters: Regulatory News: UPDATE 1-TIM W.E. ditches US IPO plans

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UPDATE 1-TIM W.E. ditches US IPO plans Jun 28th 2012, 19:18 June 28 | Thu Jun 28, 2012 3:18pm EDT June 28 (Reuters) - Portugal's TIM W.E. S.A., a provider of mobile-based marketing, entertainment and money services, said it has withdrawn its plan for a $181 million U.S. IPO. TIM W.E. will not pursue the U.S. IPO at this time and may undertake a subsequent private offering, the company said in a regulatory filing with the U.S. Securities and Exchange Commission. The move is the latest in a series of canceled or delayed IPOs in the global market. Motor sport racing company Formula One delayed its Singapore IPO worth up to $3 billion, while London luxury jeweler Graff Diamonds ditched its $1 billion IPO. Companies such as Tesaro Inc and Exa Corp, which debuted on the Nasdaq on Thursday, also met tepid responses as investors remain wary of global economic conditions. TIM W.E. had filed for a U.S. IPO last July and had postponed it in August citing market conditions. It planned to sell 13.7 million shares priced between $5 and $6 each and intended to list on the Nasdaq under the symbol "TMWE."

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