09/10/2024 – 17:50
Cosan decided to postpone Moove’s IPO on the New York Stock Exchange after several international long-only funds withdrew from the offer because they did not want to increase their exposure to Brazil, sources familiar with the matter told Brazil Journal.
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Meetings with investors last week were constructive – the order book was more than 2x covered for the weekend, but dominated by hedge funds – and the company expected to price the transaction early this afternoon.
But something atypical happened along the way: the investment committees of long-only funds – which are necessary to create a quality shareholder base, allowing the stock to trade upwards – vetoed an increase in their exposure to Brazil.
Of the approximately 30 funds initially interested, only 3 confirmed their orders.
Read the full report at Brazil Journal.
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