August 27, 2020
Brazilian real estate developer Cyrela Brazil Realty has set the price range for the planned initial public offering (IPO) of its São Paulo-based apartment business Plano & Plano, looking to move as much as BRL1.31 billion ($235 million) in the spin-off.
Cyrela put the target range at BRL11.75 to BRL15.25 per share, according to a preliminary prospectus filed with the local securities regulator CVM.
If Cyrela prices the deal in the middle of the range at BRL13.50 per share and exercises the
Brazilian real estate developer could move $235 mln in a spin-off of its São Paulo-based apartment business