Homebuilder Constructs Follow-On Equity

Even Construtora, a Sao Paulo-based homebuilder, says it expects to raise equity capital worth around BRL632m via the sale of primary and secondary shares. The company does not specify the number of units, but it does provide the target amount, which is based on a March 9 close of BRL7.29. The primary portion will account for 64% of the sale, while selling shareholders, namely Spinnaker Capital Group, plan to divest the remainder of the sale. The London-based fund, which has offices in Sao Paulo, Singapore, the Middle East and Asia, invested BRL150m worth of equity in Even in 2008 through a private share sale. It plans to realize gains through this first liquidity event. Also selling shares in the deal are CEO Carlos Terepins and board member Luis Terepins. Even’s 2007 IPO was led by UBS Pactual and Itau BBA. The filing does not state underwriters on the upcoming offer.