Azul IPO grounded by Brazilian regulators

The long-anticipated flotation of Azul failed to launch Thursday after the country’s securities regulator suspended the listing process, citing investor roadshow materials that it had not approved. The Securities and Exchange Commission of Brazil, known as the CVM, said that Azul had made projections about its investment in TAP during marketing roadshows in the lead up to the initial public offering that were not disclosed in its prospectus. The suspension will last for 30 days after which Azul may once again attempt a flotation. The freeze can be lifted if the group addresses the irregularities before the 30 day mark. The IPO had been set to price later Thursday, as bankers worked to finalise order books and allocations of the deal. Azul has attempted an IPO several times before, each time failing to get the deal off the ground. <br/>