Smart Move Inc., a Greenwood Village startup that rents large moving containers, will delay a public stock offering announced in February.
Smart Move advised the Securities and Exchange Commission of its plans Friday in a letter.
“We have withdrawn our offering and have intentions to refile in time for a fall offering,” Smart Move chief executive Chris Sapyta said.
By withdrawing the offering, the company can raise money in a private placement until it goes public. Smart Move needed to update its filing with new financial information.
A volatile stock market since May has caused several companies to have second thoughts about their IPO plans.
“There have been a number of withdrawals,” said Kathleen Smith, principal at Renaissance Capital in Greenwich, Conn. “The market conditions have been a bit shaky.”
Companies have withdrawn 20 initial public offerings this year, compared with only nine withdrawn over a similar period last year, according to Renaissance Capital.
Rental-car giant Hertz Corp. and CHG Healthcare Services, a health-care staffing firm, are among the higher-profile companies to pull back their offerings.
Smith said some companies are finding it difficult to get the share price they have targeted in an offering. Of the IPOs that have started trading in recent weeks, the results have been mixed at best, Smith said.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
