Brazilian toy retailer Ri Happy Brinquedos SA decided to delay an IPO due to weak investor demand, Reuters reported March 27, citing an anonymous source.

Investment firm Carlyle Group LP has majority ownership of the retailer.

A person with knowledge of the decision told the news outlet that Ri Happy had expected to get a valuation of up to 1.7 billion Brazilian reais through the IPO, which was scheduled to price March 27.

Carlyle Group LPThe decision was made after recent meetings in which investors showed unwillingness to agree to Ri Happy's expected valuation.

As of March 26, US$1 was equivalent to 3.31 Brazilian reais.