Intercorp Financial Services, a leading banking and financial services firm controlled by Intercorp Peru, withdrew its plans for a US initial public offering on Monday. It originally filed to raise $400 million in October 2014, and had not updated its filing since November.
The company is currently traded on the Lima Stock Exchange under the symbol IFS ($2.8 billion market cap). Its stock has traded down 17% year-to-date.
Grupo Aval (AVAL), another major South American banking group, raised $1.1 billion in September when it listed preferred shares on the NYSE, but its stock has since traded down 45%.
The Lima, Peru-based company was founded in 1897 and booked $1.1 billion in sales for the 12 months ended September 30, 2014. It had planned to list on the NYSE under the sybmol IFSP. BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Itau BBA were set to be the joint bookrunners on the deal.
