Brazil's Via Varejo offering prices below suggested price range
SAO PAULO Dec 12 (Reuters) - Via Varejo SA, Brazil's largest home appliance retailer, priced a share offering below the suggested price range on Thursday , a sign that investors remain skittish over the outlook for Latin America's largest equity market.
Units of São Paulo-based Via Varejo priced at 23 reais each, below the 25.60 reais to 33.60 reais pricing range, according to information on the website of securities industry watchdog CVM. Two sources told Reuters earlier in the day that, even as demand for the stock remained solid, pricing might come at the low end of the range or even below it.
Shareholders of Via Varejo including controlling shareholder GPA SA and the Klein family raised a total 2.845 billion reais ($1.22 billion), well below the maximum 3.62 billion reais they aimed at fetching with the secondary offering. GPA offered a maximum 26.9 million units in the transaction, while the Kleins sought to sell a maximum 80.7 million units.
Each unit includes one common share and two preferred shares.
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