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CEVA Logistics withdraws $400 million IPO

By: Renaissance Capital
Posted: 4/2/2013 11:57:00 AM
Referenced Stocks: CEVL

CEVA Logistics, the world's second largest non-asset based logistics provider, withdrew its plans for an initial public offering on Tuesday citing unfavorable financial performance that would adversely affect the offering. The company originally filed for its IPO on May 4, 2012.

The Ashby, United Kingdom-based company was founded in 2007 and booked $9.4 billion in sales for the 12 months ended 6/30/2012. Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, UBS Investment Bank and Apollo Global Securities were set to be the joint bookrunners on the deal.