SAO PAULO, July 23 Brazilian car rental company
Unidas plans to use funds from an initial public offering to
finance possible acquisitions, expand its network and strengthen
its cash position, according to a preliminary prospectus
released on Tuesday.
On Monday shareholders approved the plan for an IPO on the
Novo Mercado of the Sao Paulo exchange, which requires higher
standards of public governance.
The IPO is expected to close in the third quarter, according
to a source familiar with the transaction. The prospectus gave
no details on the size or timing of the offering.
The filing also gave no indication of how many shares would
be sold by current shareholders, including Portuguese group SAG,
Vinci Partners, Gavea Investimentos, Kinea Investimentos and
Last week, CPFL Energias Renováveis SA, the alternative
energy unit of CPFL Energia SA, completed the first
IPO in Brazil since April.
(Reporting by Roberta Vilas Boas; Additional reporting by
Guillermo Parra-Bernal; Writing by Brad Haynes; Editing by