September 29, 2020 |
Compass Gás e Energia, a natural gas company owned by sugar and ethanol producer Cosan, said Monday that it has called off a planned initial public offering (IPO) due deteriorating market conditions.
Compass had stood to earn as much as BRL5 billion ($883 million) from the IPO after it set a target price between BRL25.50 and BRL31.50 per share earlier this month.
The company planned to issue 118 million new shares in a primary offering, but it had the option to increase the size of the deal by 3
Cosan's energy subsidiary cites market volatility for decision to pull offering