BRASIL: Brazil Liz Cimentos stops IPO on low demand-report

Liz Cimentos, shareholders cancel stock sale

* Local newspaper says demand was small

(Reuters) - Brazilian cement producer Liz Cimentos and its shareholders canceled an initial public offering because of a lack of demand, local media reported on Friday.

The company reduced its asking price by nearly half for stock in a primary and secondary offering and still didn't find enough takers, newspaper Valor Economico reported.

Liz would have been the first cement maker to list its stock in Brazil's BM&FBovespa exchange.

The price range was first set by Cimentos and banks advising on the transaction at between 10 reais ($6.14) and 13 reais per share. It was then lowered to 8 reais to 10 reais a share, the newspaper reported, and later down to 7 reais.

Under the original plans, the IPO was expected to raise up to 838 million reais, including additional shares sold by banks.

JPMorgan Chase & Co. (JPM.N), and the investment-banking units of Itau Unibanco (ITUB4.SA) and BTG Pactual BTG.UL, managed the transaction for Liz. ($1=1.629 reais)