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RPT-Rhino Resources IPO postponed, cites market-source

Thu Aug 7, 2008 9:39pm EDT

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NEW YORK, Aug 7 (Reuters) - Rhino Resources Inc, a Kentucky-based coal company, shelved plans on Thursday to float its shares on the New York Stock Exchange, citing market conditions, according to Ben Holmes, an analyst with Morningnotes, an IPO research firm.

He was informed of the postponement by Morgan Stanley (MS.N), one of the IPO's lead underwriters.

Earlier on Thursday, the company cut the forecast range for the offering to between $11 and $12 a share from the $16 to $18 range set earlier.

The company planned to sell 10 million shares, according to a regulatory filing. (Reporting by Phil Wahba; Editing by Andre Grenon)

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