Restoque pulls plug on Brazil’s private ECM test case

Restoque pulls plug on Brazil’s private ECM test case

Brazil Equity

Restoque Comercio e Confeccoes de Roupas has pulled its BRL431m ($168m) equity follow-on, which was set to be Brazil’s first equity private placement. The clothing retailer said it would halt the sale of stock because of poor conditions in local and international markets. The cancelation is a knock to Brazil’s new equity issuance framework, which, under the securities commission’s recently expanded Instruction 476, allowed private placements for the first time. Market participants had hoped the

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