Uruguay Farm Developer Pulls IPO

Uruguay’s Union Agriculture Group postponed a $200m-plus IPO scheduled to price Tuesday night, according to bankers on the deal, with more news about the timing expected today. If the deal is sidelined, it will become the latest in a string of LatAm issues that have been pulled and follows a jettisoned effort last week from Brazilian sugar cooperative Copersucar. Union had been aiming to sell 14.3m shares at $13-$15, plus a possible 15% greenshoe, and become the first IPO from Uruguay since 2006. Union, which acquires underutilized farmland in Uruguay and develops it for resale, was seeking funds for land acquisitions, and possibly for debt repayment and working capital. Credit Suisse and JPMorgan were the leads.