T4F IPO Pushed Back

Brazilian entertainment promoter T4F has postponed the pricing for its IPO to Monday from yesterday, it says. Bookbuilding was still expected to wrap up yesterday, with bankers on the deal saying that a delay with the CVM meant the shares could not trade until Tuesday, so the issuer opted to set the price Monday. The deal is heard at least 2x covered, with investors expecting the deal to be more successful than other recent smaller Brazilian IPOs – meaning it might actually price within its range. T4F plans to sell 11.7m primary shares and 17.6m secondary shares at BRL14.50-BRL18.50 each. Such a deal would bring BRL483m at the BRL16.50 midpoint. A 15% greenshoe is also possible, which would bring the total to BRL623m if priced at the top of the range. T4F, which stands for “Time for Fun,” has operations in Brazil, Chile and Argentina. Controlling shareholder and CEO Fernando Luiz Alterio, Mexican entertainment operator CIE Internacional, and PE firm Gavea Investimentos are selling shares in the secondary portion. T4F booked BRL95.1m in Ebitda in 2010, up from BRL46.1m in 2009. Bradesco, BTG and Credit Suisse are managing the sale.