Cosan has once again put the IPO of Compass Gás e Energia on the table. In a relevant fact disclosed this Monday, February 23, 2026, the company informed that it is "evaluating the realization of an initial public offering of shares" issued by Compass.
The company emphasizes that the actual completion of the transaction depends on market conditions in Brazil and abroad, as well as corporate approvals, and that "there is no decision at this time" regarding proceeding with the transaction.
This is Compass's second attempt at an IPO, after coming very close before. In 2020, Cosan moved forward with the Compass IPO process: it had filed the offering with the Securities and Exchange Commission and was working towards a debut on the Novo Mercado (New Market).
The operation was scheduled to be priced on September 28, 2020, and to begin trading two days later, on September 30, but the company canceled the offering citing deteriorating market conditions.
The reopening of the topic now occurs amidst the capital and governance adjustments that Cosan was forced to make to rebalance the holding company. In September 2025, the company announced a capital increase of R$ 10 billion, led by BTG and Perfin, with participation also from Aguassanta (a family office linked to the founder) and a long-term shareholder agreement.
The capital increase aimed to reduce leverage and provide breathing room for the portfolio at a time when the market was demanding answers regarding debt and capital structure.
In this way, a potential IPO becomes a tool for financial reorganization and can open up opportunities for capital recycling in a holding company that has undergone significant capitalization and is now facing more demanding investors with the entry of new partners into the group.
More recently, Cosan had another failed attempt at a subsidiary IPO. In October 2024, Cosan suspended the IPO of Moove on the New York Stock Exchange, citing "adverse market conditions." Moove was seeking a valuation of up to approximately US$1.94 billion, and the offering could have raised up to US$437.5 million, but demand did not match the price.
The company's signals may indicate that the IPO market is making a comeback. In Brazil, where the last listing was in 2021, the Stock Exchange itself has been saying that it sees a more favorable wind for recovery in 2026, although without specifying a date.
However, while the domestic market remains in a holding pattern, the American window has shown signs of reopening for Brazilian issuers, albeit in a restrictive way. On January 29, 2026, PicPay held its IPO on Nasdaq, raising US$434 million and entering the market valued at around US$2.6 billion (with shares priced at US$19). Agibank , on the other hand, had to reduce its offering and priced the operation at the bottom of the range, raising US$240 million and exiting with a valuation of around US$1.92 billion.
