Renova Returns With Shrunken IPO

Brazil’s Renova Energia has refiled its IPO that was postponed in March, though it is targeting just two-fifths of the original size. The renewable power generation specialist re-launched bookbuilding Friday with the aim of selling 10m units at BRL15.00-BRL17.00 each. This compares to 27.5m units at BRL19.00-BRL25.00 that it sought earlier in the year. Pricing is scheduled for July 8. An additional 3.5m units may be offered via greenshoe and hot issue, bringing the maximum possible value of the deal to BRL229.5m. Renova pulled the earlier attempt amid market volatility and investor pickiness in the wake of other high-profile shortfalls in Brazil’s equity market including OSX. Santander and Bank of America Merrill Lynch are managing the deal.