* Logistics company had filed to raise about $300 mln
* Drought of IPOs comes amid wariness about Brazil
SAO PAULO Jan 15 Brazilian transport logistics
company Vix Logística SA canceled plans to list its shares on
the São Paulo Stock Exchange, citing "unfavorable" market
conditions at a time when many investors are wary of Brazil.
Reuters reported on Friday that the company had decided to
cancel the initial public offering, which was expected to fetch
around $300 million. The news dampened hopes that Brazil's IPO
market might quickly rebound after a down 2012.
Appetite for Brazilian assets has diminished in recent years
as the economy struggles with slow growth and waning confidence
in the left-leaning government of President Dilma Rousseff.
Vix said in a statement it would "continue monitoring market
conditions and evaluating the best way and the best moment to
access capital markets."
The company had hired the investment banking units of Itau
Unibanco Holding SA, BTG Pactual Group,
Credit Suisse Group, Banco do Brasil SA and
Banco Bradesco SA to handle the IPO.
Seen for most of the last decade as a symbol of Brazil's
economic rise, IPOs have languished recently as prices sank for
many names that went public.
Last year, IPO activity in Brazil fell to the lowest level
since 2005: just four share offerings raised about 5.1 billion
reais ($2.5 billion), Thomson Reuters data showed. In 2007, a
record year for the IPO market, companies raised 55.7 billion
reais from share sales in 64 transactions, data showed.