SAO PAULO (Reuters) - Shareholders in Brazilian power holding company Neoenergia SA expect to raise up to 3.3 billion reais ($850.5 million) in the company’s initial public offering, according to documents filed with Brazil’s securities industry watchdog on Thursday.
Neoenergia shares will be priced within a range of 14.42 reais to 16.89 reais, the document said. Shareholders Iberdrola SA, Banco do Brasil SA and Brazilian pension fund Previ will sell part of their stakes in the IPO.
Pricing of the offering will happen on June 27, and shares will begin trading on July 1. Iberdrola aims to sell 29.7 million shares, Banco do Brasil, 113.4 million shares, and pension fund Previ, 64.9 million shares.
The pricing range values the full company between 17.5 billion reais and 20.5 billion reais ($4.5 billion and $5.28 billion).
The offering will be managed by the investment banking units of JPMorgan Chase & Co, Bank of America Corp and Banco do Brasil.
It is the second time Neoenergia has sought to list its shares on the Sao Paulo stock exchange. In 2017, pricing fell short of the expectations of shareholders and the transaction was suspended.
Reporting by Carolina Mandl; Editing by Peter Cooney