SAN FRANCISCO (AFX) - Ethanol manufacturer Hawkeye Holdings Inc. said it has temporarily delayed its initial public offering due to stock-market conditions and the recent pullback in the energy segment in particular.
The Iowa Falls, Iowa-based company said Monday that these factors were 'not conducive at this time to achieving appropriate valuation.'
The company also said it will continue with planned investments in new facilities and remains on track to break ground on its plant in Menlo, Iowa, next month.
Earlier this month, Hawkeye Holdings set the terms of its pending initial public offering and lowered the IPO size to as much as $421 million from up to $523 million.
The company had planned to offer 15.9 million common shares at an estimated price range of between $21 a share and $23 a share, according to an amended filing with the Securities and Exchange Commission.
Hawkeye Holdings initially filed on May 30 for an IPO of up to $350 million in common stock. On Aug. 9, the estimated amount of the IPO was raised to up to $523 million.
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