CPFL Renewables Pulls IPO Plug

Brazil’s CPFL has officially cancelled registration for the IPO of its CPFL Energias Renovaveis unit, it says, confirming what the markets had long expected. It had planned to raise around BRL1bn ($495m) through the offer of primary shares, as well as secondary shares owned by several investment funds, including those linked to Patria Investimentos and Bradesco. The generator was looking to raise funds for projects. Bank of America Merrill Lynch and Itau were global coordinators, with Morgan Stanley, Bradesco and Banco do Brasil as bookrunners. The deal joins a long list of Brazilians putting plans on hold due to challenging market conditions. Drugstore Pague Menos and car retailer AutoBrasil were heard considering a second attempt this month, through their status is uncertain.