Iochpe Gives up FO Plans

Brazilian commercial and light vehicle parts producer Iochpe-Maxion has postponed plans for a primary equity follow-on, it says, based on poor market conditions. The deal had not advanced to the stage of an official filing. Iochope says it has adequate funds on hand for its plans. The company has been busy expanding, including acquisitions in Mexico and the US last year. Its shares closed Wednesday at BRL24.70 ($12.17). A rough time for the Bovespa and other global indexes is challenging the plans of several issuers in the region. Bankers are skeptical about Brazilian IPOs targeting July pricing, with the largest follow-ons having the best chance of getting done.