(Bloomberg) -- Moove Lubricants Holdings, a unit of conglomerate Cosan SA, and its shareholders are seeking to raise as much as $438 million in a US IPO that’s set to end a three-year listing drought for Brazilian companies.
The Sao Paulo-based producer and distributor of lubricants and greases is offering 6.25 million shares in its initial public offering, according to a filing Tuesday with the US Securities and Exchange Commission.
Private equity firm CVC Capital Partners Plc, which has a 30% stake, is selling 12.5 million shares, while Cosan is selling another 6.25 million, totaling 25 million shares, without considering an over-allotment option. The shares are being marketed for $14.50 to $17.50 each, the filing shows.
The listing would be the first by a Brazilian issuer since Nu Holdings Ltd.’s blockbuster IPO in December of 2021. In the local market, the last firm to go public was Vittia Fertilizantes E Biologicos SA in September of that same year.
Cosan is expected to have a 60.4% stake in Moove following the listing, the filing shows. The conglomerate, which is owned by Brazilian billionaire Rubens Ometto, has been seeking to cut debt and has weighed asset sales including its share of a joint venture with Shell Plc and its $2.2 billion stake in mining giant Vale SA, Bloomberg News has reported.
CVC would hold a 17.1% stake following the IPO, the filing shows.
The offering is being led by JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Itau BBA, BTG Pactual and Banco Santander SA. Moove plans for the shares to trade on the New York Stock Exchange under the symbol MOOV.
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