Brazilian state-controlled lender Caixa Economica Federal may raise up to 6.5 billion reais ($1.15 billion) by selling part of its stake in insurance holding Caixa Seguridade Participacoes according to documents filed with CVM.
The calculation considers the maximum size of the offering and the top of the price range for the shares, which was set between 9.33 reais and 12.67 reais per share.
The offering size will initially be 450 million shares in the insurance holding owned by parent Caixa Federal, but, depending on demand, the number of shares may rise to 517.5 million.
The IPO will be priced on April 27, according to the documents, and Caixa Seguridade will be listed under the ticker symbol CXSE. The offering will be managed by investment banking units of Morgan Stanley, Caixa Economica Federal, Bank of America, Credit Suisse AG, Itau Unibanco Holding and UBS BB.
Original Story: Nasdaq | Tatiana Bautzer
Photo: Rodrigo de Oliveira
Edition: Prime Yield