(Reuters) – Aleph Group Inc said on Tuesday it had filed to withdraw its IPO plans, citing “public interest and the protection of investors,” more than a year after the digital advertising firm submitted paperwork to go public.
Emerging markets-focused Aleph, which helps large digital platforms connect with advertisers and customers, counts Meta Platforms, Spotify Technology and Microsoft Corp-owned LinkedIn among its customers.
Founded in 2005 as IMS Internet Media Services, Aleph was valued at $2 billion in 2021 after private equity firm CVC Capital Partners bought a stake worth $470 million.
U.S. initial public offerings have seen a recent spurt after more than a year of lull as hefty interest rate hikes and worries of a recession dented investor appetite for new listings.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi)
