Neoenergia Cancels IPO in Brazil -Europa Press

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Brazil's Neoenergia SA (NEOE3B.SM)--in which Iberdrola SA (IBE.MC) has a 52.45% stake--has suspended its initial public offering after its other two shareholders, Banco do Brasil SA (BBAS3.BR) and pension fund Previ, rejected the price range sought by investors, Europa Press cites sources as saying.

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--Sources said that the indicative price range valued Neoenergia shares at between 15.02 Brazilian real ($4.5) and BRL18.52 ($5.56) each, Europa Press reports.

--According to Europa Press, sources said that Banco do Brasil and Previ preferred to cancel the IPO after the market didn't react to the proposed listing as expected.

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December 15, 2017 03:59 ET (08:59 GMT)