Justworks Inc. JW, said Wednesday it has decided to delay its initial public offering after setting a pricing range as little as a week ago. Shares of the outsourced HR and payroll software platform were expected to price late Wednesday and begin trading on the Nasdaq Thursday.
“Justworks has decided to delay its IPO due to market conditions at this time,” the company said in a statement, and did not elaborate. Last week, the company had set a pricing range of $29 to $32 a share which would have raised up to $224 million for a valuation of up to $2 billion. For the month of January, the Renaissance IPO ETF IPO, -0.93% has fallen 8.2%, while the S&P 500 index SPX, +0.28% has slipped 0.9%.