(Bloomberg) -- Cloud-based human resources platform Justworks Inc. has postponed an initial public offering in which it aimed to raise as much as $224 million.
The New York-based company in an emailed statement cited market conditions for the delay. Justworks had planned to sell 7 million shares for $29 to $32 each on Wednesday.
The postponement is the most notable this year on a U.S. exchange, with the Nasdaq Composite Index down 2.7% since Jan. 1.
The Justworks platform caters to small and midsize businesses, providing access to benefits, payroll, human resources and compliance support.
The offering was being led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. The company had planned to list its shares on the Nasdaq Global Select Market under the symbol JW.
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