(Reuters) -Justworks Inc said on Wednesday it had postponed its initial public offering (IPO) in the United States, citing market conditions.

The New York-based company had hoped to sell 7 million shares for between $ 29 and $ 32 apiece to hit $ 224 million at its high end, according to a file http://archive.fast-edgar.com/20220104/ ABZ7I22CO222G252222Q2CZ2JMRNZ22I8242 at the beginning of the month.

The company’s decision to delay its IPO comes amid a recent sell-off in tech stocks and the poor stock market performance of several companies that went public in 2021.

More than 60% of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.

Founded in 2012, Justworks’ cloud platform enables small and midsize businesses to manage payroll, benefits, compliance and human resources. In 2020, it acquired Boomr, which automates the process of tracking employee hours.

The company planned to list its shares on the Nasdaq under the symbol “JW”.

Goldman Sachs Group Inc, JPMorgan Chase & Co and Bank of America Corp were the main underwriters of the offer.

(Reporting by Mehnaz Yasmin in Bangalore; Editing by Devika Syamnath)