PetroRecôncavo sets IPO price range

PetroRecôncavo sets IPO price range

Corporate & Sovereign Strategy Equity IPO Latin America South America Brazil Energy Gas Oil Capital Markets Regulation Rule 400

Brazilian oil and gas company PetroRecôncavo set a target price range for an initial public offering (IPO) that could be worth as much as BRL1.84 billion ($328 million), according to a preliminary prospectus. PetroRecôncavo put the range at BRL15.50 to BRL19.50 per share and said it plans to sell 70 million shares in a base offering with the option to increase the size of the deal by 35%. The Bahia-based company would earn BRL1.37 billion at the top end of the range for the base offering and up

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