Moove Lubricants Holdings, which produces and distributes lubricants for automotive, agricultural, and industrial uses, withdrew its plans for an initial public offering on Friday. It had filed in September 2024 and planned to raise $400 million by offering 25 million shares (75% secondary) at a price range of $14.50 to $17.50, but postponed ahead of pricing in October.
The São Paulo, Brazil-based company was founded in 2008 and booked $1.8 billion in sales for the 12 months ended June 30, 2024. It had planned to list on the NYSE under the symbol MOOV. J.P. Morgan, BofA Securities, Citi, Itau BBA, BTG Pactual, Santander, Goldman Sachs, Jefferies, and Morgan Stanley were set to be the joint bookrunners on the deal.
