NEW YORK (TheStreet) -- KKR & Co. (KKR) cancelled plans for a proposed $500 million share offering, nearly a month after the private-equity company's shares began trading in the U.S.

"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 late Monday.

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 and HCA 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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