"At this time, the registrant has elected not to proceed with the public offering contemplated by the registration statement due to unfavorable market conditions," KKR said in a regulatory filing with the
Securities and Exchange Commission
KKR shares were lower by 9 cents, or nearly 1%, to $9.80 in Monday's after-market session following the announcement.
By cancelling plans for the offering, KKR is free of restrictions on what it can say to analysts covering the stock. The private-equity company can attempt to sell shares later if it chooses to do so.
The announcement came as KKR reported second-quarter net income of $29.9 million, or 15 cents a share, down sharply from year-ago earnings of $365.8 million. The decrease was attributed to the allocation of approximately 70% of the earnings of KKR to KKR Holdings, as well as income tax expense and non-cash compensation charges.
KKR shares debuted on the
New York Stock Exchange
last month after registering 204.9 million common units worth about $1.93 billion. The stock had previously traded on the Euronext Amsterdam since October 2009.
KKR, which counts
Toys R Us
among its holdings, first filed to trade on U.S. exchanges in 2007 but shelved those plans due to the financial crisis.
-- Written by Robert Holmes in Boston
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