September 17, 2020 |
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,
Brazilian real estate developer moves $132 mln in a spin-off of a São Paulo-based homebuilder