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SAO PAULO Nov 28 Brazilian car rental firm
Unidas SA on Monday announced an initial public
offering in São Paulo in a securities filing, one of the few
IPOs in the last two years in Latin America's largest economy.
The plan was announced a month after Enterprise Holdings Inc
, the world's No. 1 car rental firm, bought a 20
percent stake of Unidas from three funds.
The investment-banking units of Itaú Unibanco Holding SA,
Bank of America Corp, JPMorgan Chase & Co and Haitong Securities
Co Ltd were hired to manage the IPO. Information on the size,
the timing or the suggested price tag for the deal were not
disclosed in the filing.
Growing appetite for risk among local investors and
expectations of a more business-friendly government following
former President Dilma Rousseff's ouster earlier this year could
help resuscitate a market that has seen few IPOs in the last two
years. That compares with 10 over the previous two years.
Last week, homebuilder Gafisa SA said the IPO of low-income
builder Construtora Tenda SA, expected for mid-December, could
raise up to 660 million reais ($195 million). State-controlled
lender Caixa Econômica Federal will pick the banks managing the
IPO of an insurance unit as early as this week.
The request also underscores the resilience of car rentals
despite Brazil's harshest recession in eight decades, high
unemployment and a slump in consumer and corporate spending.
Rental growth at Unidas fared better than expectations in the
first half, signaling pricing flexibility and a better use of
Enterprise bought the minority stake from private-equity
firms Gávea Investimentos Ltda, Vinci Partners and Kinea
Investimentos Ltda, which before the deal held a combined 65
percent in Unidas. Portugal's Principal Gestão de Activos SA
owns a remaining 35 percent stake.
The three funds had bought into Unidas five years ago,
increasing their stake two years later.
($1 = 3.3839 reais)
(Reporting by Guillermo Parra-Bernal; Editing by Diane Craft
and Lisa Shumaker)