Brazil’s Azul said it rescheduled its IPO for April 10 if the securities regulator CVM lifts the stay it recently imposed.
Azul intended to price the offering on March 6, but CVM suspended the trade for at least 30 days because the airline gave information to investors that was not in the prospectus.
CVM said Azul made projections on the returns of its investment in Portuguese airline TAP, which were not included in the prospectus. Azul also provided confidential information on the price per share and the demand for the IPO to local media outlets, CVM said.
Azul told investors not to consider any information that could be interpreted as an estimate of the company’s results, especially anything that mentions future returns on the TAP investment. “[The information] is merely speculative and should not be considered a projection.”
Itau BBA, Citi and Deutsche Bank are the global bookrunners on the deal. BB Investimentos, Bradeco BBI, Santander, JPMorgan and Banco Safra are the joint bookrunners.
After Azul shelved IPO plans in August 2015, it sold a 23.7% stake to China’s HNA Group for $450m. The Brazilian airline also bought $100m in convertible securities from airline TAP Portugal in March last year as part of the agreement with HNA.