Smiles IPO Covers Books

Smiles IPO Covers Books

Brazil Equity

The IPO carve-out of Gol’s Smiles mileage loyalty program has its order books covered heading into pricing next week, according to people following the sale. Though the airline parent has had its share of bad news, investors have expected the Smiles IPO to get done after the announcement that private equity firm General Atlantic would kick in for BRL400m ($198m), or about half the expected base deal. With pricing scheduled for April 25, Smiles plans a sale of 44m primary shares at BRL20.70-BRL25

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