Brazilian regional operator Vero Internet has suspended plans to stage an initial public offering (IPO), TeleTime reports. The company originally submitted its request to the Securities and Exchange Commission of Brazil (Comissao de Valores Mobiliarios, CVM) in August 2021, but has now informed the watchdog of its intention to put the process on hold. The pursuit of an IPO may be resumed at an ‘opportune time’ if the conditions are deemed more favourable, the company noted.
TeleGeography notes that Vero Internet was created by Vinci Partners – an alternative investment platform specialising in asset management – back in January 2019. The National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel) credited Vero with 252,157 fixed broadband subscriptions as of 30 September 2021. (Note: TeleTime suggests this figure increases to around 590,000 when including Vero’s multiple subsidiaries.)