Tupy Expands Float

Tupy Expands Float

Brazil Equity

Tupy has priced a BRL523m ($240m) equity follow-on, according to the CVM, boosting the Brazilian Iron parts maker’s float. In the deal, functioning in some ways as a “re-IPO,” the issuer is offering 29.9m primary shares at BRL17.50 each, including a 15% greenshoe. The price represents a 5.9% discount to Wednesday’s 18.59 closing price, though the shares, according to ECM bankers, are in relatively few hands and do not trade frequently – one of the problems the sale sought to correct. Shares were

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