Vulcabras Pulls FO

Vulcabras, a Brazilian maker of shoes and sporting goods, has cancelled its registration for a follow-on equity offer, according to the CVM. The owner of brands including Olympikus, Azaleia and Dijean was looking to raise funds for capex and possible acquisitions, and had filed for the transaction in December. It does not indicate the size or timing of the sale, to be composed entirely of primary shares. BTG Pactual was managing. Vulcabras’ preferred shares closed at BRL18.00 Monday. Despite would-be issuers continuing to pile into the Brazilian new issuance pipeline, dropouts have also been increasing. The other resent deals to be pulled – Desenvix and BrasilAgro – were in sectors where deals have seen more difficulty than those more directly tied to consumer discretionary spending. Fellow shoemaker Arezzo, for example, was one of Brazil’s more successful IPOs this year, pricing at the top of its range and trading up to BRL24.80 Monday from a BRL19.00 pricing in January.