Cancelled IPOs reveal investor caution in Brazil

Cancelled IPOs reveal investor caution in Brazil

IPO Equity Corporate & Sovereign Strategy Economy & Policy Capital Markets Brazil

A rash of cancelled initial public offerings (IPOs) in recent days has dampened investor enthusiasm in the Brazilian stock exchange and led some analysts to wonder if the tide has turned after a dynamic first half of the year. "We do not have a clear blue sky anymore, far from it. The market has become cautious," said a CFO in Brazil who asked to remain anonymous. After fitness center chain Smart Fit raised BRL2.3 billion ($450 million) in an IPO last week and Companhia Brasileira do Alumínio (C

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