Iran War Pushes Brazil's IPO and Equity Window to May-June
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By Iolanda Fonseca
Published on April 1, 2026.
The Iran war has pushed Brazil's equity offering window from March-April to May-June, with multiple deals suspended or downsized due to market volatility. Major offerings include the privatization of Copasa, Minas Gerais’s state water utility, which is expected to set the pricing benchmark for subsequent transactions in the sanitation sector. Expected Selic cuts in 2026 have been halved from 300bp to 150bp, but the 2027 outlook remains unchanged. The conflict has also significantly impacted the Brazilian IPO market, with no deal closings reported so far. The most anticipated global offering, SpaceX's potential $75 billion IPO, has reportedly filed confidentially and is awaiting market stability.
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