Moove Lubricants, which produces and distributes lubricants for automotive, agricultural, and industrial uses, postponed its IPO on Thursday. It had filed to raise $400 million by offering 25 million shares (75% secondary) at a price range of $14.50 to $17.50. In a filing submitted this morning, parent Cosan cited market conditions in its decision to not proceed with the IPO.
The company, formed out of Cosan's acquisition of ExxonMobil's Brazilian lubricant assets, produces a range of lubricants for use in vehicles, equipment, machinery, airplanes, and other uses. Products offered by the company includes engine oils, automotive and industrial fluids, greases, cutting oils, insulating oils, process oils, and car care products. The company serves about 140,000 clients throughout South America, the United States, and Western Europe.
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.
