August 9, 2006 – (HOSTSEARCH.COM) – Web hosting provider Go Daddy’s parent body, the Go Daddy Group, has withdrawn its IPO registration, the company announced today. No shares of the company’s “Class A common stock” were sold as a result of its application and the company will not to proceed with registration and stock sale at this time.
“Go Daddy has decided not to proceed with an IPO at this time due to adverse market conditions. With a war and escalating hostilities throughout the Middle East, skyrocketing oil prices and technology stocks once again taking a beating on Wall Street - now just isn't the right time for us,” explained Bob Parsons, CEO and Founder of The Go Daddy Group, Inc.
Mr. Parsons addressed most of his employees to explain his decision, highlighting articles published in The Wall Street Journal, The New York Times and USA Today that suggest initial public offerings in general, and particularly those of technology companies, were performing badly as far as initial public offerings are concerned.
Mr. Parsons continued, “We are fortunate to control our own destiny. Moving forward, we plan to continue to focus our efforts on growing our business and taking care of our customers, as we have always done. The withdrawal of our registration statement does not change the overall fundamentals of Go Daddy’s business, which remain quite strong.”
