SAO PAULO (Reuters) - Brazilian waste management company Ambipar Participacoes e Empreendimentos SA has filed for an initial public offering aiming to raise roughly 827 million reais ($158.04 million), according to a securities filing.
The company set its price range between 18.75 reais and 24.75 reais per share. The final price will be set on July 9.
Ambipar will sell 38,028,987 new shares, but its shareholders may also divest up to 7,605,765 shares, if overallotments are sold.
It intends to use the proceeds to acquire rivals in Brazil and abroad, pay off debt and expand its business. The company, which also offers emergency response to insurance companies, operates in 15 countries.
Ambipar recently started advising companies and governments on how to contain the spread of the novel coronavirus, it said in the filling.
Ambipar posted revenues of 484.4 million reais in 2019.
Investment banking units of Banco Bradesco SA, Bank of America and Banco BTG Pactual SA will manage the offering.
($1 = 5.2327 reais)
Reporting by Carolina Mandl; Editing by Dan Grebler