Copersucar has delayed its $1.7 billion Brazil IPO due to bad market conditions, Bloomberg reports. The sugar, ethanol and bio-energy firm with its 26 shareholders intended to sell up to 145.9 million shares for $9.26-11.82 per unit.
The sale proceeds would have been used to build an ethanol pipeline in Brazil and to expand the company’s sugar export capacity. Banco Itau BBA was managing the share sale along with Bank of America Merrill Lynch Banco Multiplo, Banco de Investimentos Credit Suisse (Brasil) and Goldman Sachs do Brasil Banco Multiplo.
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