São Martinho Makes It Two

Brazilian sugar and ethanol-producer São Martinho has joined industry rival Cosan by listing its shares on Bovespa. São Martinho raised $175.6 million on Friday via an initial public offering of shares. The company sold 10.2 million new voting shares and shareholders sold 8.2 million existing voting shares at 20 reais per share, near the top of the price range expected. Cosan – the country’s largest producer – became the first in its sector to go public two years ago when it raised $350 million.