NEW YORK, Feb 3 (Reuters) - Three more companies canceled their plans Tuesday to go public, bringing the number of IPO withdrawals so far this year to eight as the market continues to be challenging for new stock issuances.
Last year, 110 companies pulled their initial public offerings in the slowest year for new stock flotations since 2003. Only two IPOs have gone ahead in the past six months in the United States.
Tensar Corp, TherOx Inc and Bradford Bancorp Inc each applied to withdraw their IPOs, according to separate regulatory filings.
Tensar, an Atlanta-based provider of products and services for the infrastructure industry that filed a $201.3 million IPO in August 2007, cited market conditions.
California-based TherOx, which makes medical devices to treat heart problems, said it was no longer 'in its best interests to proceed.'
Bradford Bancorp, a Maryland holding company for a Baltimore-area bank, hoped to raise $33 million in a so-called best efforts IPO filed in September 2008.
In a 'best efforts' IPO, the underwriter tries to sell as many of the shares as possible, but is not on the hook for unsold shares. The method is most typically used for riskier issuances.
Bradford said in the filing no shares have been sold.
TherOx filed a $100 million IPO in August 2008 that was to be managed by Citi and UBS Investment Bank , while Sandler O'Neill & Partners LP was the Bradford deal's underwriter.
The Tensar deal was to be led by Lehman Brothers, whose investment banking business is now part of Barclays, Credit Suisse and Merrill Lynch, now part of Bank of America Corp.
Tensar had applied to list on the New York Stock Exchange under the symbol 'TXC,' while TherOx and Bradford were aiming for Nasdaq Global Market listings under the symbols 'THER,' and 'BRAD,' respectively.
(Reporting by Phil Wahba; editing by Jeffrey Benkoe and Matthew Lewis) Keywords: TENSAR/ (phil.wahba@thomsonreuters.com; + 1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Last year, 110 companies pulled their initial public offerings in the slowest year for new stock flotations since 2003. Only two IPOs have gone ahead in the past six months in the United States.
Tensar Corp, TherOx Inc and Bradford Bancorp Inc each applied to withdraw their IPOs, according to separate regulatory filings.
Tensar, an Atlanta-based provider of products and services for the infrastructure industry that filed a $201.3 million IPO in August 2007, cited market conditions.
California-based TherOx, which makes medical devices to treat heart problems, said it was no longer 'in its best interests to proceed.'
Bradford Bancorp, a Maryland holding company for a Baltimore-area bank, hoped to raise $33 million in a so-called best efforts IPO filed in September 2008.
In a 'best efforts' IPO, the underwriter tries to sell as many of the shares as possible, but is not on the hook for unsold shares. The method is most typically used for riskier issuances.
Bradford said in the filing no shares have been sold.
TherOx filed a $100 million IPO in August 2008 that was to be managed by Citi and UBS Investment Bank , while Sandler O'Neill & Partners LP was the Bradford deal's underwriter.
The Tensar deal was to be led by Lehman Brothers, whose investment banking business is now part of Barclays, Credit Suisse and Merrill Lynch, now part of Bank of America Corp.
Tensar had applied to list on the New York Stock Exchange under the symbol 'TXC,' while TherOx and Bradford were aiming for Nasdaq Global Market listings under the symbols 'THER,' and 'BRAD,' respectively.
(Reporting by Phil Wahba; editing by Jeffrey Benkoe and Matthew Lewis) Keywords: TENSAR/ (phil.wahba@thomsonreuters.com; + 1 646 223 6128; Reuters Messaging: phil.wahba.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.