Apollo-backed Ceva Investments withdraws IPO plans
April 2 (Reuters) - Supply chain management company Ceva Investments Ltd withdrew its initial public offering on Tuesday citing unfavorable financial performance.
Ceva, which is backed by Apollo Global Management LLC , filed for a $400 million offering in May and had intended to list on the New York Stock Exchange under the symbol "CEVL." (link.reuters.com/bet96t)
The United Kingdom-based company is the world's second largest non-asset based supply chain management company, as measured by 2011 revenue, according to the regulatory filing.
Apollo bought the logistics division of TNT NV, the predecessor of Dutch global express company TNT Express , for $1.9 billion in 2006 and renamed it Ceva.
In 2007, Ceva bought Houston-based freight management group EGL Inc for $2 billion.
The company had said it would change its name to Ceva Logistics Inc before the completion of the IPO. (Reporting by Tanya Agrawal in Bangalore; Editing by Supriya Kurane)