Multiplus Grounds Follow-on

Brazil’s Multiplus has cancelled plans to sell shares in an equity follow-on, it says, citing poor market conditions. The airline mileage rewards program had been targeting $400m-equivalent through the sale of 31m primary shares. The deal had been scheduled for April 12, with Bank of America Merrill Lynch, BTG Pactual and JPMorgan managing. The news comes in contrast to the well-received follow-on last week from mall operator Multiplan, which sold $350m in an upsized transaction. A number of Brazilian equity issuers remain in the pipeline for April, beginning with a $400m IPO from Biosev, scheduled for April 15.