Kenfil Inc. Postpones Initial Public Offering

Kenfil Inc., a Van Nuys-based distributor of computer software, has temporarily postponed an initial public stock offering because of weakening stock market conditions.

The company had planned to offer 3 million common shares at an expected price between $9 and $11 a share, which would have raised up to $33 million in gross proceeds for the company.

The offering, which would have placed about 46% of Kenfil in public hands, is being managed by Montgomery Securities in San Francisco. Kenfil will wait “for a better new issue environment” in the market, said Dick Smith, syndicate underwriting manager for Montgomery.

Kenfil was one of several companies last week that either postponed initial offerings or scaled back the prices the new stocks are expected to fetch. All of the stocks were to be listed on the over-the-counter market, where prices have been slipping recently amid investor fears about disappointing corporate earnings.