Lopes Raises $222 Million

Brazilian real estate developer Lopes Consultoria de Imovéis (Lopes) says it has raised $222 million (474.7 million reais) from its listing on Bovespa’s Novo Mercado last month. The company joined the growing band of real estate companies lauching IPOs on the exchange. Since late 2005, five companies in the sector have raised financing via share offerings on the exchange with several more awaiting approval from the local securities commission. Lopes made a secondary offer of 23.736 million shares, more than initially planned, with 16.867 million bought by foreign investors. The shares were sold in Brazil and to qualified foreign investors, under 144A rules. Banco Pactual led the transaction.