Algar Telecom postpones IPO until January

Brazilian regional operator Algar Telecom has postponed the pricing of its initial public offering (IPO) from December to January to avoid competing with two of the country’s largest offerings this year, Reuters reports, citing two people with knowledge of the matter. Algar initially intended to price its offering during the week commencing 11 December, but the Uberlandia-based firm has now decided to avoid competing for investors’ attention with two of the year’s largest IPOs, namely: the fuel distribution unit of Brazil’s state-controlled oil company Petroleo Brasileiro (13 December) and Brazilian utility Neoenergia (14 December). An additional IPO, of BK Brasil Operacao e Assessoria a Restaurantes – the operator of the Burger King fast-food chain in Brazil – may also price that week, the sources added, further intensifying competition for investors.