Brazilian companies had some $6 billion in equity sales lined up for the weeks after the vote that they expected would crown conservative Flávio Bolsonaro as the next president of Latin America’s largest economy.

Now, after a stunning upset by the left-wing incumbent Luiz Inácio Lula da Silva, those plans are in disarray at companies spanning industries from power transmission to toll roads and retail, according to people familiar with the discussions. Brazilian markets are crashing in the wake of the vote, with stocks down the most in 30 years and the real falling the most in two decades.

Investment bankers had estimated that follow-on stock offerings alone could raise about 30 billion reais ($6 billion) over the next six months under a Bolsonaro administration, according to private conversations on Faria Lima in Sao Paulo, Brazil’s equivalent of Wall Street. The idea was that promises for an easier business climate under the challenger would bolster stock valuations, making it an attractive time for Brazilian companies to raise capital.

Several companies were preparing equity sales that could have been launched as soon as today, the people said, asking not to be identified discussing private conversations. Now, bankers don’t expect any sales at all before mid-2027.

Among companies that had been considering tapping the equity market were, power provider Equatorial SA and toll-road operator Ecorodovias Infraestrutura e Logistica SA. Gas company Compass Gas e Energia SA, retailer Guararapes Confeccoes SA and power transmission company Transmissora Alianca de Energia Eletrica SA had also been weighing follow-on offerings, the people said.

The results also upended plans for companies that have spent years preparing for initial public offerings. Banco Votorantim SA was among those that could have revived listing plans, potentially in early 2027, while Aegea Saneamento e Participacoes SA was also considering an IPO later next year, the people said.

Banco Votorantim, Aegea, Transmissora Alianca de Energia Eletrica and Cosan declined to comment. Equatorial, Ecorodovias and Guararapes didn’t immediately reply to requests for comment.

Executives and bankers are reassessing the outlook for Brazilian stocks, interest rates and economic growth following Lula’s victory. Lula, who markets see as unlikely to push for the fiscal austerity needed to lower interest rates, won 51.8% of the runoff vote. Bolsonaro got 48.2%, according to Brazil’s electoral court.

Investors had bet on a Bolsonaro victory after his surprisingly strong showing in the first-round vote, triggering a rally and drawing in billions of foreign flows. Firms including UBS Global Wealth Management, Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc. rushed to put out bullish calls for Brazilian assets.

Now, the reassessment is extending beyond capital markets. Mergers and acquisitions involving companies exposed to Brazilian consumers are also being reconsidered as investors weigh the implications of the election for growth and consumer confidence, the people said. That includes Azzas 2154 SA’s discussions involving a sale of fashion retailer Farm Rio, according to the people. Azzas 2154 didn’t immediately reply to a request for comment.

Business leaders are also turning their attention to Lula’s economic team and the outlook for tax policy. They expect a difficult fiscal backdrop as campaign promises expected to cost more than 50 billion reais now have to be funded, but are hoping the president will appoint centrist figures to key posts.

Piaui state Governor Rafael Fonteles has been mentioned as a potential business-friendly name for the Finance Ministry and Senator Camilo Santana for chief of staff, according to the people familiar with corporate Brazil’s thinking. There’s some concern that Fonteles is unlikely to step down as governor to join the administration so soon after being reelected with more than 70% of the vote. Vice President Geraldo Alckmin has also been floated for a post, though the business community doesn’t universally support him, people said. A Lula campaign officer didn’t immediately respond to a request for comment.

Brazilian business executives had a contentious relationship with Lula during his most recent term, and they don’t expect a significant change for the next one. But there is optimism that state development bank BNDES becoming an important partner for companies, potentially by providing cash injections similar to the one involving logistics company Simpar SA earlier this year, the people said.

The market could stabilize if Lula presents a credible plan to contain spending and appoints an economic team viewed as committed to fiscal discipline, the people said.