PDG Realty Prices IPO

Brazilian real estate company PDG Realty priced its IPO at 14 reais ($6.59) to raise $296 million via Banco de Investimento, Banco UBS Pactual, Deutsche Bank. The deal had been heard between 13.50 and 16.50 reais. The company is selling 45 million shares — 30 million in a primary offer and 15 million in a secondary offer. The shares will be listed on Bovespa’s Novo Mercado. PDG Realty joins a raft of other Brazilian real estate companies attracted to launch IPOs in the declining domestic interest rate environment.