Azul Said to Push Back IPO Plans as Brazilian Stock Market Falls

Brazilian airline Azul SA is pushing back the date of its initial public offering to wait for more favorable market conditions, according to two people with knowledge of the matter.

The carrier had planned an IPO by January, though now it’s unlikely to carry out the sale this month, the people said, asking not to be identified, because the plans are still tentative. Barueri, Brazil-based Azul, which is backed by JetBlue Airways Corp. founder David Neeleman, has already had to pull the plug on its offering twice in the past two years.

Azul didn’t immediately return an e-mail seeking comment.

Brazil’s benchmark Ibovespa stock index has tumbled 7 percent since the airline refiled for its IPO on Dec. 1, as the market contends with stagnant economic growth and plummeting energy prices, compounded by a corruption scandal at state-controlled oil company Petroleo Brasileiro SA .

Only one business -- animal health company Ouro Fino Saude Animal Participacoes SA -- has successfully gone public in Brazil since 2013.

Brazilian publication Exame reported the delay yesterday.

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