Companies canceled or postponed $8.9 billion in initial public offerings in the third quarter as stocks plunged, putting the market on pace to set a record for pulled deals.
The value of withdrawn and delayed IPOs so far this year rose to $34 billion, approaching the $40 billion pulled in 2010, the most since Bloomberg began compiling data. Siemens AG suspended an IPO of its Osram lighting unit, while U.S. defense equipment maker ADS Tactical Inc. and Shanghai-based Xiao Nan Guo Restaurants Holdings Ltd. abandoned offerings.
The pace of IPOs slowed as equity markets fell to the lowest level in more than a year and stock volatility surged in August to the highest since 2009. In the U.S., delays helped create the biggest backlog of IPOs since at least 2006, with 154 deals as of Sept. 20, according to Ipreo Holdings LLC.
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