June 7 (Renewables Now) - Brazilian power company Neoenergia SA, controlled by Spanish utility Iberdrola SA (BME:IBE), registered on Thursday its initial public offering (IPO) of shares in Brazil, according to a filing with the country’s market regulator.
Neoenergia’s shareholders, Iberdrola, investment bank BB Banco de Investimento SA and pension fund Caixa de Previdencia dos Funcionarios do Banco do Brasil (Previ), are aiming to raise upwards of BRL 3.3 billion (USD 852.5m/EUR 753.7m) with the trio selling a little over 208 million shares.
The indicative price range has been set at between BRL 14.42 and BRL 16.89. The final price will be determined on June 27.
Iberdrola, a holder of a 52.45% stake in Neoenergia, said Friday it would still own more than 50% of the share capital after the IPO. The Spanish company will sell 29.7 million shares.
Neoenergia’s shares will begin trading on Brazil’s Novo Mercado, a special listing segment of the Sao Paulo stock exchange, on July 1.
(BRL 1.0 = USD 0.26/EUR 0.23)