Linux Technology Company Lineo Withdraws IPO Filing

Lineo withdrew its proposed $60 million initial public offering, according to a filing with the Securities and Exchange Commission.

The Lindon, Utah, company, which sells embedded Linux technologies and services to microprocessor companies, didn't provide a reason for its withdrawal. The company had applied for a Nasdaq listing under the symbol LNEO in May, but a date hadn't been set for its debut.

Lineo, which began operations as part of Caldera Systems(CALD) in 1996, was reportedly hoping to use the net proceeds for general corporate purposes. Lineo hired Credit Suisse First Boston, Lehman Brothers, Dain Rauscher Wessels and Wit Soundview to underwrite the stock offering.