Internet Initiative Japan Pulls Stock Offering

U.S. investors certainly didn't like the news from abroad that Internet Initiative Japan (IIJI Quote) delivered Friday.

In a brief statement, the company said it expects to terminate a planned stock offering in Japan and withdraw its listing application to the Tokyo exchange early next week. Internet Initiative said it will seek a domestic listing in Japan at a future date.

The reason appeared to be a lack of interest. The Tokyo-based Internet services provider said that at the end of the subscription period for its proposed Japan offering, fewer than 300 prospective new investors had submitted purchase orders. ...