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Cementos Liz pushes back IPO (Brazil)

Brazilian cement producer Cementos Liz has halted the IPO it planned to launch on São Paulo stock exchange Bovespa, news service Agência Estado reported.

The company postponed the offering, scheduled to launch on April 4, for 60 days due to poor market conditions. Shares had been expected to sell at 10-13 reais each, but low demand caused the price to drop to 8-10 reais.

The firm had hired Itaú BBA, JP Morgan and BTG Pactual to manage the operation.

Cementos Liz has an estimated 8% share of Brazil's cement market, focusing on the southeastern states of Minas Gerais and São Paulo, the largest consumers in the country.

The company owns a cement plant near Minas Gerais state capital Belo Horizonte with capacity of about 2Mt/y. With expansion plans already underway, it plans to reach 4.7Mt/y by end-2012.

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