SAN FRANCISCO - iOwn Holdings Inc. has withdrawn its planned initial public offering after a lengthy delay, saying the IPO was not in the best interests of its shareholders.

The online mortgage lender had intended to raise about $60 million for marketing, acquisitions, debt repayment, technology development, and general corporate purposes from the IPO, which it filed Dec. 23, 1999.

It filed the withdrawal with the Securities and Exchange Commission on Friday. Robertson Stephens, Lehman Brothers, U.S. Bancorp Piper Jaffray, and Friedman Billings Ramsey had been slated to handle the deal.

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