Liftoff Mobile Inc., which counts Blackstone Inc. among its backers, has postponed the initial public offering that was scheduled to price Thursday evening, people familiar with the matter told reporters. The company had been aiming to raise as much as $762 million from the share sale.
The decision to delay the offering was made against the backdrop of a wider pullback in technology stocks, with the software sector in particular experiencing notable selling pressure. Market participants have grown concerned about how rapid developments in artificial intelligence could create new risks for operating companies, a dynamic that has contributed to reduced appetite for software-related IPOs.
Sources indicate the IPO may be rescheduled for a later date, though no new timetable was provided. The pause follows significant drops in the share prices of comparable businesses in the mobile app marketing category, including AppLovin Corp., a peer whose recent declines were cited as part of the broader market context influencing the decision.
Those involved in the issuance pointed to the challenging market reception for software names in recent weeks as a central factor. Investors have been reevaluating near-term revenue and margin prospects for companies exposed to rapid technological shifts, and that reassessment appears to have dampened demand for large new offerings in the space.
For Liftoff Mobile, the postponement halts an attempt to access public capital that would have raised substantial funds. While the company retains the option to relist the offering later, the timing and structure of any revived plan will likely depend on whether sentiment in software and technology stocks stabilizes.
This report is based on accounts from people familiar with the transaction; no additional details about new pricing plans or revised schedules were provided.