Upsized Smiles Debut Lands Below Midpoint

Upsized Smiles Debut Lands Below Midpoint

Brazil Equity

Smiles, the mileage reward program of Brazilian airline Gol, has priced a BRL1.13bn ($565m) IPO in the bottom half of the price range. Exercising the full overallotment option, the transaction raises much needed funds for the airline. The carve-out is offering 52m primary shares at BRL21.70 each, according to the CVM, versus a BRL20.70-BRL25.80 range. The share total assumes a 15% greenshoe and includes a 20% hot issue option. The deal was heard mutliple times oversubscribed, thanks to a push fr

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