Energias do Brasil Completes IPO

Sao Paulo-based Energias do Brasil, a unit of EDP-Energias de Portugal, raised $474 million in an initial public offering to fund construction of power plants. The company sold 61.38 million new common shares for $7.72 each, below its target price range of $9.40 to $12 per share. Minority shareholders sold an additional 800,000 shares in a secondary offering. Analysts said the recent corruption scandal involving Brazilian President Lula da Silva´s Workers´ Party hurt demand for the IPO.