May 13, 2020 / 11:11 PM / 21 days ago

IPO values Brazilian parking company Allpark at $340 million

SAO PAULO (Reuters) - Brazilian parking company Allpark was valued at 2 billion reais ($340 million) by its initial public offering, priced on Wednesday.

The company, which owns parking lots with the brand Estapar, will raise 345 million reais ($59 million) in the transaction, selling new shares, according to public records released by Brazil’s industry watchdog CVM.

The company priced the offering at 10.50 reais per share, at the bottom of the suggested price range. But two sources with knowledge of the matter said the IPO had enough demand to sell the over allotment.

Allpark, one of the largest parking chains in Brazil, is among the companies that were hardest hit by social distancing measures in Brazil’s largest cities. Most of its locations are closed and revenue fell 80%, the company said in its preliminary prospectus.

($1 = 5.8852 reais)

Reporting by Tatiana Bautzer, Carolina Mandl and Aluisio Alves; Editing by Sandra Maler and Stephen Coates

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