Directory assistance provider kgb is asking the Securities & Exchange Commission for permission to cancel its pending, $250 million IPO.
The New York-based firm intended to use the IPO proceeds to pay off debt, it said in a regulatory filing.
But instead, kgb is now the 14th company to cancel or postpone its IPO, Reuters reported. The market is the most difficult for new stock flotations since 2003, the wire service said.
kgb had planned to trade on the New York Stock Exchange under the symbol, you guessed it, “KGB.”
