Paris – European business social network Viadeo has shelved plans for an initial public offering (IPO), as rival LinkedIn is in the process of raising $150 million in its own offering, Reuters reported.
The France-based company, which counts 35 million members, plans to reconsider an IPO in 18-24 months.
“We saw a tremendous level of interest by bankers, private equity investors and venture capitalists,” Viadeo CEO Dan Serfaty told a technology conference, according to Reuters’ coverage.
“But we decided that our fundamentals were good enough that we could wait for a listing and instead focus on growing the business. We want to grow and not be faced with the pressure to deliver profitability right away. There is a risk of going public too early.”
Serfaty added that the company will easily be able to raise additional funds from private equity and venture capital firms.