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Brazil's Algar Telecom postpones IPO pricing to January -sources
November 29, 2017 / 8:23 PM / in 14 days

Brazil's Algar Telecom postpones IPO pricing to January -sources

SAO PAULO, Nov 29 (Reuters) - Brazilian telecommunications firm Algar Telecom SA has postponed the pricing of its initial public offering to January to avoid competing with two of the country’s largest offerings this year, two people with knowledge of the matter said on Wednesday.

Algar initially intended to price its offering during the week of Dec. 11, but the Uberlandia, Minas Gerais-based firm decided to avoid competition for investors’ attention, the sources added, asking for anonymity because discussions are private.

Algar Telecom did not immediately respond to requests for comment.

The fuel distribution unit of Brazil’s state-controlled oil company Petroleo Brasileiro SA is expected to price its offering on Dec. 13 and the IPO of Brazilian utility Neoenergia SA is set to price the next day, according to documents filed with securities industry regulator CVM.

The offering of BK Brasil Operação e Assessoria a Restaurantes SA, operator of the Burger King fast-food chain in Brazil, is also expected to price that week, the sources added.

A wave of Brazilian companies are racing to go public before the expected volatility of the 2018 presidential campaign closes the country’s busiest window for IPOs in four years.

Reporting by Tatiana Bautzer; Editing by Lisa Shumaker

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