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Edition: U.S. Article Comments (0) Global Technology Summit Verizon eyes family data plans European start-ups shy away from IPO frenzy Alcatel CEO looks to future growth SAP sees growth from new businesses Google, Apple not unassailable in smartphone race NXP says demand for NFC chips to soar Venture funds look beyond social media Death of PC exaggerated, sales look OK Follow Reuters Facebook Twitter RSS YouTube Read Predictor of May 21 Judgment Day to monitor news broadcasts | 11:06am EDT Whistleblower says Russian troops fed dog food 11:31am EDT Media zoom in on mystery Schwarzenegger mistress | 18 May 2011 REFILE-Predictor of May 21 doomsday to watch it on TV 4:57pm EDT Strauss-Kahn arrives at court for bail hearing | 11:59am EDT Discussed 102 Texas county official says ”stupid” feds sparked fire 80 Israel-Palestinian violence erupts on three borders 68 Boehner says ready to cut budget deal today Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 End of the world as we know it...on May 21 Wed, May 18 2011 Schwarzenegger's mistress identified, Oprah hosts celebrity send-off 1:43am EDT small business The top 100 business minds What does the head of Al Jazeera and comedian Conan O'Brien have in common? They're two of the world's 100 most creative business people, according to Fast Company magazine. See who else made the list. Full Article VC funds look beyond social media Can a Navy SEAL help your business? Bad weather is big business for startup European start-ups shy away from IPO frenzy Tweet Share this By Leila Abboud and Kate Holton PARIS (Reuters) - European tech industry executives, highly skeptical about the sky-high market valuations put on U.S. start-ups, are choosing not to float their own shares for now and are instead pursuing growth in... Email Print Related News Angry Birds, the next Mickey Mouse? Wed, May 18 2011 LinkedIn IPO prices at $45 per share, but risks real Wed, May 18 2011 Glencore prices IPO at 530 pence per share: sources Wed, May 18 2011 LinkedIn ups IPO range, stokes social media frenzy Tue, May 17 2011 Social network Viadeo shelves IPO plan Mon, May 16 2011 Analysis & Opinion Deals wrap: Glencore debuts while markets await LinkedIn Tech wrap: Sony’s new security setback Related Topics Technology » Media » By Leila Abboud and Kate Holton PARIS | Thu May 19, 2011 12:29pm EDT PARIS (Reuters) - European tech industry executives, highly skeptical about the sky-high market valuations put on U.S. start-ups, are choosing not to float their own shares for now and are instead pursuing growth in the relative calm of the Old Continent. Executives from professional social networking website Viadeo, children's on-line games makers Mind Candy and Sulake, and navigation company Telmap told the Reuters Global Technology Summit they would not seek stock market listings despite the big money up for grabs in what some fear could be another Internet bubble. Finland's Rovio, whose Angry Birds game has become a runaway hit on Apple devices, also said it would wait a few years before seeking to go public in New York. Behind their reticence is a feeling they should grow their businesses more before going public, as well as a certain degree of fear that the U.S. euphoria will be followed by pain, much as it was 11 years ago after the dot-com crash. Shares in professional online networking company LinkedIn nearly doubled in their market debut on Thursday, rising 94 percent on the IPO offer price to $87.48 to value the professional networking site operator at over $8 billion. "I just want to keep my head down and build an amazing brand without getting too distracted by the offers of IPOs, investment bankers and discussions with media companies," said Michael Acton Smith, chief executive of Mind Candy, which makes children's game Moshi Monsters from its base in London. "An IPO is something that we're considering but I think it's too early. There's still a huge amount of value to be built." As Silicon Valley has flourished in recent years, Europe has often been seen as a backwater with few viable start-ups, much to the chagrin of governments seeking growth and entrepreneurs. French President Nicolas Sarkozy is hosting a meeting in Paris next week of tech industry titans including the CEOs of Facebook, Amazon, and eBay to figure out how to spur on the digital economy. To date, Europe's biggest tech success story -- internet phone calls group Skype -- as well as other promising players like e-commerce site Net-a-Porter and online music streaming site Last.fm have preferred to sell themselves to larger, strategic buyers instead of doing initial public offerings. However, Neil Rimer, the co-founder of Geneva-based fund Index Ventures, says there is a growing pool of investors who are willing to back technology companies in Europe and believes a wave of European IPOs will eventually come. "We look at the Nasdaq as being the bellwether," he said. "But if you talk to bankers in London they'll tell you they're working on a lot of these deals. "I think European companies will tap the equity markets and I think some of them will be acquired." Executives believe the lack of access to public markets during the global financial downturn resulted in a host of companies becoming strong and attracting high valuations. Others fear that smaller start-ups are riding on the back of the soaring valuations being bandied around for such larger names as Facebook, which is expected to go public in April 2012, and LinkedIn. Facebook was valued at $70 billion in recent sales of the company's private shares, up from $50 billion as recently as the start of the year. In contrast to its U.S. rival LinkedIn., Europe's Viadeo, the world's second-biggest social network for professionals, is deferring its plan to go public, opting instead to focus on growing in emerging markets. "We want to grow and not be faced with the pressure to deliver profitability right away," Chief Executive Dan Serfaty told Reuters. "There is a risk of going public too early." Serfaty said that there was a great temptation to go public to capitalize on the fact that valuations in the United States are so much greater than in Europe. "The numbers we heard from bankers in the U.S. were much, much higher than what we heard in Europe," he said. Meanwhile French mobile game maker Gameloft has considered a U.S. listing even though it has been listed on the Paris bourse since 2000, said Chief Financial Officer Alexandre de Rochefort. "Lots of our U.S. shareholders advise us to list on the Nasdaq because we'd get a share (price) boost of about 50 percent," he said. "But I wonder how long this upside can last." De Rochefort said he was observing the U.S. IPO euphoria from a bemused distance. "I am sorry but when Zynga is worth $10 billion something is a bit strange" he said, referring to the online gaming company best known for Farmville, a popular Facebook game. "If this is not a bubble, I don't know what is." (Editing by Greg Mahlich) Technology Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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