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Brazilian energy company Cosan cancels plans for an initial public offering of its subsidiary

 Last Update: 2023-01-03
 Source: Internet
 Author: User

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Brazilian energy company Cosan SA said in a securities filing on Monday that it would cancel its subsidiary Compass Gas e Energia's initial public offering (IPO) plans
due to market conditions.
CompassGas e Energia is the largest natural gas distributor
in the country.

Cosan had originally planned to seek to raise about R$4.
4 billion ($779.
73 million)
through an IPO.
The company plans to use the proceeds for potential acquisitions and privatizations
.

To complete the initial public offering (IPO), Cosan will have to lower its price range, which has a lower limit of R$25.
50 to R$31.
50
, a person familiar with the matter said.

But Cosan would rather cancel the program and possibly resume it
later this year, the sources added.

After announcing the cancellation of the IPO, Cosan's stock fell about 2 percent
.

Cosan had originally planned to seek to raise about R$4.
4 billion ($779.
73 million)
through an IPO.
The company plans to use the proceeds for potential acquisitions and privatizations
.

To complete the initial public offering (IPO), Cosan will have to lower its price range, which has a lower limit of R$25.
50 to R$31.
50
, a person familiar with the matter said.

But Cosan would rather cancel the program and possibly resume it
later this year, the sources added.

After announcing the cancellation of the IPO, Cosan's stock fell about 2 percent
.

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