10 IPOs that flopped
The much anticipated IPO for the paper products company turned out to be pulp fiction. Boise's offering was expected to come to market in 2005. But a funny thing happened on the way to the forum: the stock market took a nose dive. What's more, some observers speculated that the company would use the proceeds of the offering to pare debt, rather than invest in the company.
Executives at Boise struggled with pricing the deal, which was intended to raise $400 million. The original price projection was $24 to $26 a share. Boise eventually knocked $7 off that range. Even then, doubts remained about the prospects for the offering. Boise's management must have had similar misgivings. In the end,the entire IPO was scrapped.