June 21, 2018 / 11:50 AM / a year ago

Brazil's Agibank puts off IPO, newspapers report

BRASILIA, June 21 (Reuters) - Brazilian online lender Banco Agibank SA has put off an initial public offering scheduled to price on Thursday due to weak market demand, two newspapers reported.

Market volatility has hurt demand for shares in the offering, newspapers Valor Econômico and O Estado de S. Paulo reported, without naming their sources.

Under the initial terms of the deal, the IPO valued Agibank at about 10 billion reais ($2.7 billion), fetching about 2.5 billion reais in a price range between 13.87 and 16.96 reais per share.

Bankers tried to raise demand by lowering the range to 11.50 to 13 reais, but that did not draw investor interest, according to Estado.

Agibank did not immediately respond to a request for comment. ($1 = 3.7713 reais) (Reporting by Bruno Federowski Editing by Jeffrey Benkoe)

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