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Year's biggest Brazil IPO nets $977 million for Neoenergia an Iberdrola unit

Dado Galdieri/Bloomberg

Power lines moving electricity

- Power distributor Neoenergia prices shares at 15.65 reais
- Spanish firm, Banco do Brasil, pension fund Previ are sellers

By Vinicius Andradea and Cristiane Lucchesi / Bloomberg

Petroleumworld 07 01 2019

Brazil's largest private power distributor Neoenergia SA , controlled by Spanish utility Iberdrola SA , priced its shares at 15.65 reais apiece in the biggest initial public offering from a Brazilian company this year.

The price was at the middle of the range of 14.42 reais to 16.89 reais proposed in the offering prospectus, according to data from Brazil's securities regulator. The sale of 239 million voting shares raised 3.74 billion reais ($977 million), not considering additional and supplementary offerings, according to calculations based on the prospectus. It's the biggest IPO this year in Brazil and the first since Grupo SBF SA in mid-April.

Brazil's state-controlled bank Banco do BrasiL SA sold its entire 9.3% stake in the firm, while controller Iberdrola reduced its stake to 50% from 52.45%, the prospectus said. Brazil's biggest pension fund, Previ, from the workers of Banco do Brasil, sold part of its 38.2% stake and may end up with 26.86% if the additional and supplementary offerings are sold.

Before the Neoenergia IPO, total equity offerings by Brazilian companies this year had raised 39.51 billion reais, 71% more than the same period last year, according to data compiled by Bloomberg.

Neoenergia shares will begin trading Monday on the Sao Paulo stock exchange. Bank of America Corp is the leading coordinator. JPMorgan Chase & Co., Credit Suisse Group AG, Citigroup Inc. and HSBC Holdings Plc are also helping with the share sale.

Story by Vinicius Andradea and Cristiane Lucchesi from Bloomberg. 06 28 2019


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