Venti Postpones IPO

Renewable energy specialist Venti has filed to postpone its IPO in Brazil, according to a source familiar with the process. The would-be spinoff of Argentina’s Industrias Metalurgicas Pescarmona (IMPSA) had filed to list BDRs in February, but will now wait 60 days, due to market volatility. Venti’s LatAm holdings include wind and hydro in Brazil, which accounts for the majority of revenue, Argentina, Chile, Venezuela and Colombia. In Southeast Asia, it owns assets in Vietnam and Malaysia. In December, IMPSA Wind, the wind power unit of the group that will become part of Venti, won concessions to operate 8 lots in the Brazilian state of Ceara totaling 211MW. That will likely demand investments of over BRL1bn. Bank of America-Merrill Lynch and BTG Pactual are managing the Venti deal. In 2009, hydro revenues totaled BRL265m while its wind businesses generated BRL133m. Total Ebitda in 2009 came in at BRL120m.