December 19, 2017 |
Brazil's Neoenergia said it has canceled a planned IPO after shareholders declined to lower the target price.
The utility company had expected to earn at least BRL2.56bn ($777m) from the sale of 170m shares for BRL15.02 to BRL18.52 each, but demand was not enough to keep the price at the lower end of the range.
BB Investimentos, the investment banking division of the state-owned Banco do Brasil, said it will hold on to its 9.35% stake in the utility company.
Neoenergia had hired BB Investiment
Shareholders in Brazilian utility company choose to keep stake rather than lower the target price