CEVA Investments has pulled its plan for an initial public offering on the New York Stock Exchange, Reuters reports.
The U.K.-based supply chain management company, backed by Apollo Global Management, said its plummeting profits would adversely affect the offering. Although CEVA’s revenue rose almost 5 percent year-over-year in 2012, overall adjusted earnings before interest, taxes, depreciation and amortization dropped more than 20 percent.
In the meantime, CEVA and its major note holders have agreed to recapitalize the company’s balance sheet to raise new capital and reduce debt.
CEVA originally filed for the $400 million offering in May 2012. The company had said it would change its name to CEVA Logistics before the completion of the IPO.