April 20, 2018 / 3:38 PM / 4 months ago

Intermédica, shareholders raise $790 mln in first Brazil IPO of 2018

SAO PAULO, April 20 (Reuters) - Brazilian healthcare provider Notre Dame Intermédica Participações SA and its owner Bain Capital raised 2.7 billion reais ($790 million) in the first initial public offering of the year on the Sao Paulo stock exchange.

In a securities filing late Thursday, Intermédica said it planned to use around 322 million reais of the proceeds to strengthen its capital structure. The offering allowed Bain Capital, which acquired Intermedica in 2014, to reduce its stake to around 70 percent.

Strong demand from foreign investors allowed Intermédica to price its shares at 16.50 reais on Thursday, slightly above the middle of the 14.50-17.50 reais price range.

Intermédica shares are expected to debut on Monday in Sao Paulo under the trading code GNDI3.

The end of the IPO drought in 2018 is expected to raise hopes for three companies looking to go public next week on the Sao Paulo stock exchange. These include shoemaker Dass Nordeste SA, online lender Banco Inter SA and healthcare provider Hapvida Participações e Investimentos SA.

$1 = 3.41 reais Reporting by Carolina Mandl; Editing by Richard Chang

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