Stock offering delayed again

Friday, July 23, 1999 | 11:41 a.m.

Las Vegas-based Travelscape.com Inc.'s initial public offering has once again been delayed.

U.S. Piper Jaffray, the underwriter of Travelscape.com's $55 million IPO, announced Thursday it has postponed the offering indefinitely because of market conditions. Piper Jaffray did not say when the offering would be rescheduled.

Since July 16, the technology-heavy NASDAQ has fallen 3.5 percent. The Internet Stock Index, made up of the largest Internet companies, has dropped 9.1 percent since that time.

Travelscape.com hopes to net $49.9 million from the IPO, assuming it is able to sell 5 million shares at $11 per share. The offering was on a "day-to-day" basis until Thursday's announcement. Travelscape.com has been postponing the IPO since June.

Travelscape.com is a Las Vegas company selling discounted hotel rooms primarily through the Internet. The vast majority of its sales are for Las Vegas hotel rooms.

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