Droga Raia IPO Hits Top of Range
LatAm’s last IPO of the year, Droga Raia, has priced a BRL655m IPO, the first Brazil float of the year to land at the top of its range. The Brazilian drugstore chain priced 21.9m primary and 5.4m secondary shares at BRL24.00 each, according to the CVM, versus a BRL19.00-BRL24.00 range. The total includes the exercise of a 15% greenshoe. The deal was about 8x oversubscribed at BRL24, says a banker on it. Raia, one of Brazil’s 5 largest chains in a rather fragmented sector is raising funds...
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