Travel Agency IPO Books Less than Expected

Travel Agency IPO Books Less than Expected

Brazil Equity

CVC Brasil Operadora e Agencia de Viagens has priced a BRL621m ($236m) IPO and brought yet another Brazilian debut below the bottom of the range. The 38.8m secondary shares priced at BRL16.00 each, according to the CVM, versus a BRL18.00-BRL22.00 range. The total includes a 15% greenshoe. The transaction should represent about 30% of the company. US private equity firm Carlyle, invested in CVC since 2009, is selling 64% of the shares on offer, with co-founder Guilherme Paulus selling almost all

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