Profarma Expects $170 Million From Share Float

Brazilian pharmaceuticals distributor Profarma expects to raise up to $170 million from its sale of 15.5 million common shares through an initial public offering (IPO) on Bovespa. The share offering will comprise 12 million shares sold via a primary offering and 3.5 million via a secondary sale. Credit Suisse will coordinate. The shares will be priced October 24 once bookbuilding is completed. The Rio de Janeiro-based company is among the top three medicines distribution companies in the country, controlling 8% of the market. Profarma joins the growing list of Brazilian companies going public and follows others in the health sector such as Dasa, Medial and Odontroprev to apply to list their stock.