Specialty fertilizer company Grupo Vittia, Sao Joaquim da Barra, Sao Paulo, Brazil, said on April 28 that while it has become a publicly-held company, due to current market conditions it has decided not to proceed with an initial public offering (IPO) at this time. The shares were to begin trading April 30.
Vittia had set an IPO price of BRL7.80-BRL9.80, according to Bloomberg, citing filings that reported the IPO was expected to pull in BRL572 million, or US$102.5 million. A primary offering was for 23.5 million shares, with a secondary offering of 41.6 million. Morgan Stanley was the lead coordinator for the offering.
CEO Wilson Romanini said the company will continue with its growth strategy. The company acquired Vitoria Fertilizantes, Patos de Minas, Minas Gerais, last fall (GM Sept. 18, 2020). Other companies in the group include Biosoja, Samaritá, Granorte, Biovalens, and JB Biotechnologia.