October 8, 2020
Brazilian department store chain Havan has called off an initial public offering (IPO) on the B3 stock exchange in São Paulo, following advice from the banks it had hired to arrange the deal, according to press reports.
Havan had aimed to raise BRL70 billion ($12.5 billion) to BRL100 billion in its market debut, but investors valued the company between BRL50 billion and BRL60 billion, local business publication Exame reported.
Havan posted BRL756 million in net income in 2019, but it felt profit
Brazilian retailer follows the bookrunners' recommendation and calls off a planned share sale