Brazilian lubricant producer Moove Lubricants officially withdraws $400 million US IPO
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Moove Lubricants Holdings has officially withdrawn its plans for a $400 million initial public offering (IPO) after filing in September 2024. The São Paulo-based company, which produces lubricants for various sectors, had aimed to offer 25 million shares priced between $14.50 and $17.50. Founded in 2008, Moove reported $1.8 billion in sales for the year ending June 30, 2024, and intended to list on the NYSE under the symbol MOOV. Major banks were set to be joint bookrunners for the IPO.
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