Brazil's Vix Logistica, SA has withdrawn its stock IPO in a public filing with the U.S. Securities and Exchange Commission.

Founded in 1946, the company, located in Vitoria, Brazil, provides fleet leasing and management services for corporate fleets logistics and transportation services. It also provides executive chauffeured transportation and provides logistics and transportation services for the shipment of various cargos, including timber, pulp, auto parts, steel slabs, and beverages, according to its SEC filing.

According to a Reuters report, the reason for the withdrawl of the IPO was lukewarm demand that may be tied to Brazil's stagnant economy.