KKR Delays IPO

Kohlberg Kravis Roberts announced yesterday that it will delay its public offering on the New York Stock Exchange until 2009.  According to co-founder George Roberts, the firm is still committed to going public and the delay is process-related.  The offering plan calls for the Euronext Amsterdam listed shares of its KKR Private Equity Investors (KPE) affiliate to be rolled into KKR and then listed on the NYSE.

KKR gave an update on holdings during its third quarter conference call. Its KPE affiliate reduced net asset value by 15% to $18.85 per share from $22.25.  KPE wrote up the value of 5 portfolio companies but wrote down the value of 26.  KPE holds stakes in Biomet, Dollar General, Energy Future Holdings and First Data, among others.