Glori Energy, a clean-energy company focused on oil recovery through waterflooding, withdrew its plans for an initial public offering on Thursday citing poor market conditions. The company originally filed for an IPO in October 2011, but did raise $20 million in a January 2012 funding round. The Houston, TX-based company was founded in 2005 and booked $1 million in sales for the 12 months ended 9/30/2011. Credit Suisse, UBS Investment Bank and Piper Jaffray were set to be the joint bookrunners on the deal.
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