CSN postpones IPO

Brazilian cement and steelmaker CSN has postponed an initial public offering (IPO) of its cement unit which was expected to be launched in the coming days, newspaper Valor Economico has reported.

CSN Cimentos had already filed a preliminary prospectus for the IPO, but it had not disclosed the amount to be raised, price per share, or a timing for the sale.

Valor said CSN had decided to halt the IPO due to recent volatile market conditions, amid the spread of the new COVID-19 Delta variant. Last week, Intercement Brasil SA cancelled its IPO pricing as investor demand was lower than expected.