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Article: Cash-hungry firms sit on the sidelines; Only a trio go public in bleak year.(successful companies forced to put initial public offerings on hold)
- Article from:
- Crain's Chicago Business
- Article date:
- January 28, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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At Lansa Inc. in Oak Brook, President John Siniscal has a vision: to take his firm to $100 million in annual sales, considered the entry point to the big leagues of software development. To get there, however, Mr. Siniscal needs new capital.
With steady profits and a 20% annual growth rate that lifted revenues to $40 million last year, Lansa would have looked like a prize catch to underwriters of initial public offerings (IPOs) only 18 months ago. But the window for new offerings has slammed shut since then, with little prospect for a reopening soon.
``We could grow a lot faster if we had an infusion of more money, which is why we'd like to do an IPO. ...