Cyrela Joins Brazil IPO Scrap Heap

Cyrela Brazil Realty has cancelled plans to do an IPO on the Bovespa. The sale, for which an amount had not yet been specified, was cancelled due to volatility in the capital markets. The real estate developer said it did not rule out filing for another offer in the future. Technology group IdeiasNet pulled the plug on an offer last week, while Norse Energy, Nutriplant and Copasa have each postponed offerings recently citing market turbulence.