Mexico's Grupo Financiero Mifel has postponed the initial public offering it hoped to close on Wednesday, three sources with knowledge of the deal said, the second highly anticipated listing canceled this week in a gloomy sign for the country's capital markets.
Mifel, a mid-sized bank that had hoped to raise around $350 million, had hired banks J.P. Morgan and Bank of America Merrill Lynch to coordinate the deal. It was not immediately clear why the IPO was pulled. One of the sources said that general market conditions did not allow the company to get the terms it wanted. Another said there was not enough demand from local pension funds known as afores.