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Brazil's Tenda scraps IPO plan as market conditions deteriorate
December 14, 2016 / 9:05 AM / a year ago

Brazil's Tenda scraps IPO plan as market conditions deteriorate

SAO PAULO, Dec 14 (Reuters) - Brazilian homebuilder Construtora Tenda SA has scrapped an initial public offering plan due to be priced later on Wednesday, citing challenging market conditions.

In a Wednesday securities filing, Tenda and sole owner Gafisa SA said both were, “working on the analysis of strategic alternatives for Tenda, with the main goal of maximizing shareholder value”.

Reuters reported on Dec. 12 that scant firm orders from investment firms, pension funds and other institutional investors could force Tenda to price the offering at the lowest end of a suggested price tag, or seek alternatives. (Reporting by Guillermo Parra-Bernal; editing by David Clarke)

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