Moove US IPO Postponed in Blow to Brazil Comeback (1)

Moove Lubricants Holdings, a subsidiary of Brazilian conglomerate Cosan SA, delayed an initial public offering set to price Wednesday.

Cosan confirmed the postponement in a regulatory filing, citing “adverse market conditions.” Earlier, bankers on the deal informed investors the IPO was being delayed, people familiar with the matter said, asking not to be named discussing private information. There’s no new date for the offering, one of the people said.

The Sao Paulo-based company, which counts private equity firm CVC Capital Partners Plc among its investors, was planning to raise as much as $438 million in a US IPO ...