SAO PAULO, March 12 (Reuters) - Brazilian insurer Caixa Seguridade SA said late on Wednesday that controlling shareholder state bank Caixa Economica Federal has decided to suspend its initial public offering due to current market conditions.
The decision comes after Reuters reported on Monday that Caixa Seguridade would postpone its IPO amid concerns about the coronavirus and plunging oil prices.
“As a result of Caixa’s decision, Caixa Seguridade will forward to B3 (Sao Paulo stock exchange) the request to interrupt the analysis of documents regarding its admission and listing on the Novo Mercado segment,” the company said in a securities filing late on Wednesday.
The Caixa Seguridade IPO had been expected to raise more than 10 billion reais ($2.12 billion), making it the biggest Brazilian initial share offering expected this year. (Reporting by Carolina Mandl; writing by Gabriela Mello; editing by Jason Neely)