Cyrela prices Plano & Plano IPO below target

Cyrela prices Plano & Plano IPO below target

Capital Markets Corporate & Sovereign Strategy IPO Equity Rule 400 Brazil Latin America

Brazilian real estate developer Cyrela Brazil Realty raised BRL690 million ($132 million) in the initial public offering (IPO) of São Paulo-based homebuilder Plano & Plano, but it priced the deal below the target range, according to a securities filing on Wednesday. Cyrela said it got BRL9.40 for each share in Plano & Plano, 20% below the low end of the BRL11.75 to BRL15.25 target range set in August. Plano & Plano itself earned BRL40 million from the sale of 4.3 million new shares,

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