WageWorks Inc (WAGE.N) delayed its initial public offering after heavy stock market losses on Thursday, according to a person familiar with the offering.

The IPO was scheduled for Friday, but it is now expected early next week, the person added. Earlier on Thursday, WageWorks cut the price at which it plans to sell stock to between $8 and $9 each from $12 to $14, according to a Securities and Exchange Commission filing.