July 28, 2020 / 3:50 PM / 7 days ago

Brazil homebuilder Direcional cancels Riva 9 IPO

SAO PAULO, July 28 (Reuters) - Brazilian homebuilder Direcional Engenharia SA has canceled an initial public offering by its subsidiary Riva 9, according to a securities filing on Tuesday.

Direcional cited adverse market conditions as the reason for cancelling the IPO, which was to be priced on Tuesday in an offering expected to total roughly 900 million reais ($174 million).

$1 = 5.1651 reais Reporting by Carolina Mandl Editing by Chris Reese

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