Linuxcare Seeks Withdrawal of IPO Due to Markets WASHINGTON (Reuters) - Linuxcare Inc., provider of services for the Linux operating system, requested on Monday that its planned initial public offering to net approximately $56.6 million be withdrawn. ``The company has elected not to proceed with the offering due to general market conditions and a determination that it would not be in the company's best interest to proceed at this time,'' according to a filing with the Securities and Exchange Commission. Linuxcare, based in San Francisco, had planned to sell 4.5 million shares of common stock for between $13-$15 per share and had sought to list its shares on Nasdaq under the symbol ''LXCR'' when it went public. It had planned to use the proceeds for expansion of its information technology infrastructure, working capital, and funding operating losses. Credit Suisse First Boston, Chase H&Q and Robertson Stephens were the underwriters for the IPO. The statement from Linuxcare , which had initially filed to go public in January, came minutes after a similar announcement from Internet firm Beatnik Inc. They are the latest companies among a slew of others to have pulled IPOs and secondary offerings in recent weeks because of wild swings in U.S. financial markets ********************************************************** To unsubscribe from this list, send mail to [EMAIL PROTECTED] with the following text in the *body* (*not* the subject line) of the letter: unsubscribe gnhlug **********************************************************
