BMG puts off IPO

BMG puts off IPO

IPO Equity Corporate & Sovereign Strategy Capital Markets Brazil

Brazil's Banco BMG said it has delayed a planned IPO for 60 days, blaming current market conditions for the holdup. The bank hired five underwriters in October and then pitched plans to sell at least 166m shares on the B3 stock exchange in São Paulo, looking to raise as much as BRL2.61bn ($668m) if it priced the offering at the top of the target range.  BMG reportedly received a tepid response from investors after putting the price per share between BRL11 and BRL14. Now the bank's shareholders

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