The Globe and Mail reports in its Friday, July 28, edition that Mundo has yanked its initial public offering, citing "market conditions." The Globe's Niall McGee writes that the offering, which at one point was for $60-million, was pulled on Tuesday. An unnamed source puts the failed deal down to a slew of challenges, including cyclical markets, the difficulty of getting IPOs done for small-cap companies and a dearth of buyers. Mundo, which confirmed the deal was cancelled, is an advertising-technology firm. Mundo's software analyzes data for advertisers and publishers to optimize their ad strategy. Most of the firm's revenue comes from the mobile market. Mundo, which filed paperwork for the IPO in June, had been planning to close the offering a few week ago. The shares were due to start trading on the Toronto Stock Exchange in September. Canaccord Genuity Group, which was the "lead left" underwriter on the offering, declined comment. The deal was co-led by Cormark Securities, but also listed BMO Nesbitt Burns, Raymond James, Beacon Securities, Haywood Securities and Paradigm Capital as underwriters. The offering was in trouble almost from the get-go.