July 23, 2013 / 10:48 PM / 4 years ago

Brazilian car rental agency Unidas announces IPO plans

SAO PAULO, July 23 (Reuters) - 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 Itau Unibanco.

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 Leslie Adler)

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