Ecorodovias IPO May Exceed BRL2bn

Brazilian toll-road operator Ecorodovias says it plans to raise up to BRL2.03bn via an IPO on the local exchange. The company estimates it will get a share price ranging between BRL9.00-BRL12.00. Pricing will take place on March 30 and raise BRL1.13bn at the low end if the greenshoe is not exercised. Trading starts April 1. The company intends to issue 92.0m shares in a primary offering and another 33.2m in a secondary sale. In addition, it says it has the opportunity to add a 43.8m-unit greenshoe within 30 days of the offer. Funds raised will be used to finance the acquisition and development of new transport and ports infrastructure businesses. Itau is leading the sale, with BTG Pactual and Credit Suisse as coordinators.