CPFL Renewables IPO Prices at Bottom of Range

CPFL Renewables IPO Prices at Bottom of Range

Brazil Equity

Brazil’s CPFL Energias Renovaveis has priced a BRL1.04bn ($446m) IPO, at the bottom of the range. The renewable energy arm of utility CPFL is selling 39m primary shares and 44m secondary shares at BRL12.51 each, according to the CVM, versus a BRL12.51-BRL15.01 range. The share total includes a 15% greenshoe. The deal was the latest Brazilian IPO to rely on special support, in this case boosted by a guarantee from lead manager BTG Pactual to buy 56% of the shares, and a pledge from pension fund P

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