"Unfavorable Market Conditions" - KKR Pulls US Offering
It's official - KKR has pulled its IPO. It appears distribution is actually a relevant metric when it comes to pricing overbloated, DOA PE corpses (especially when the memory of BX and FIG is still fresh). HFTs get an F for pushing the market up 10% on next to negative volume. And since when is a parabolic move up of almost 10% considered "Unfavorable Market Conditions." Just how much bullshit is going on behind the scenes of this market?
From just filed 8-K
Re: KKR & Co. L.P. Registration Statement on Form S-1 (File No. 333-166687)
Ladies and Gentlemen:
Reference is made to the Registration Statement on Form S-1 initially filed with the Securities and Exchange Commission (“Commission”) by KKR & Co. L.P. (the “Registrant”) on May 10, 2010 and an amendment thereto subsequently filed by the Registrant on June 16, 2010 (File No. 333-166687) (together with all amendments, the “Registration Statement”). Pursuant to Rule 477 promulgated under the Securities Act of 1933 (“Securities Act”), the Registrant hereby applies for the withdrawal of the Registration Statement together with all exhibits thereto, effective as of the date of this application or as soon as practicable thereafter.
At this time, the Registrant has elected not to proceed with the public offering contemplated by the Registration Statement due to unfavorable market conditions. The Registration Statement has not been declared effective by the Commission and the Registrant confirms that it has not sold any securities pursuant to the Registration Statement.
The Registrant requests that, in accordance with Rule 457(p) promulgated under the Securities Act, all fees paid to the Securities and Exchange Commission in connection with the filing of the Registration Statement be credited for future use.
Upon the granting of the Commission’s consent, please forward copies of the order withdrawing the Registration Statement to the undersigned at KKR & Co. L.P., 9 West 57th Street, Suite 4200, New York, New York 10019 and to the Registrant’s counsel, Joseph H. Kaufman at Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017.
If you have questions or require additional information, please do not hesitate to contact Joseph H. Kaufman at (212) 455-2948.