Propel, unit of Motorola (MOT) , withdrew its plans for an initial public offering of 23.5 million common shares, saying that the move was "consistent with the public interest and protection of investors.''
Motorola, which filed a preliminary prospectus with the
Securities and Exchange Commission
in June, didn't elaborate, according to a published report. The company hoped to price the shares at $17 to $19 each.
Propel owns and operates wireless communications businesses in Latin America, the Middle East and Asia.