December 18, 2018 / 6:23 PM / 6 months ago

Brazil bank BMG suspends IPO for 60 days

SAO PAULO, Dec 18 (Reuters) - Brazilian bank BMG SA suspended its initial public offering plans for 60 days, attributing the delay to current market conditions, according to a securities filing on Tuesday.

Reuters reported on Monday, citing people with knowledge of the matter, that BMG had canceled the pricing of its IPO scheduled for that day, after deciding not to reduce its price range in the face of lukewarm interest.

Shareholders will decide whether to again pursue an IPO or some other strategic transaction next year, one of the sources said.

BMG’s preliminary prospectus had forecast the IPO raising roughly 2 billion reais ($513 million), based on the midpoint of the indicative pricing range of 11 reais to 14 reais per share. ($1 = 3.9018 reais) (Reporting by Paula Arend Laier, Writing by Jake Spring, Editing by Rosalba O’Brien)

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