Private equity-backed Brazilian airline Azul Linhas Aéreas Brasileiras has cancelled plans for an IPO due to adverse market conditions.
The company left the door open for a public listing in the future, however, by saying that it could float when conditions improve.
In May this year it was reported that Azul, which is part-owned by TPG Capital and Brazilian investment house Gávea Investimentos, planned to complete the IPO in July.
It was said to be looking to raise BRL1.1bn ($536m) to increase the size of its fleet.
The decision to cancel the IPO came a month after Brazilian cement producer Votorantim Cimentos scrapped a $3.7bn public offering.
Last month buiyout firm Patria Investimentos partially exited its stake in Brazilian utility CPFL Energia’s green power arm CPFL Energias Renováveis via a secondary offering.
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