This week's hacking of the adultery facilitation website didn't just potentially screw the 37 million people who turned over their personal information to Ashley Madison in order to have an affair. It may have shattered the company's dream of a second attempt at going public.
While Avid Life Media Inc., the Toronto company that owns the site, may have the data breach under control, analysts say the hack exposed the vulnerabilities of the business. And would-be bankers who might handle its public offering are being even more discreet than its customers. “After the cybersecurity issues, AshleyMadison.com is soiled goods,” said Alex DeGroote, a media analyst at brokerage Peel Hunt in London. Avid Life in April said it planned to raise as much as $200 million in a London listing.
Third time's the charm?