CSN (CSNA3) withdraws from the IPO of CSN Cimentos, due to “adverse market conditions”

CSN withdraws from the IPO of CSN Cimentos (Image: Disclosure/CSN)

THE CSN (CSNA3) announced this Wednesday (16th) that it has given up the IPOacronym for initial public offering, of its subsidiary CSN Cimentos, due to “adverse domestic and international market conditions”.

With the steel operations, CSNA3, and mining, CMIN3, already consolidated on B3, the Brazilian stock exchange, CSN was working on the listing of its cement unit. The company planned to raise between R$2.5 billion and R$3 billion from the offer, in order to support its unit expansion plan.

In July 2021, CSN Cimentos had already suspended its initial offering, also due to unfavorable market conditions at the time. At the time, investors were asking for a discount on share prices, while CSN had already defined fundraising plans.

Later, in September, after buying LafargeHolcim for US$ 1.02 billion and positioning itself among the three largest cement producers in the country, the company returned to planning the resumption of its IPO request.

See the CSN press release:

Source: Moneytimes

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