Renova Back on Deck With Smaller IPO

Brazil’s Renova Energia is pricing today a scaled back IPO that could raise up to BRL229.5m. The renewable power generation specialist is pitching a price of BRL15.0-BRL17.0 for 10.0m units plus a potential 3.5m greenshoe and hot issue shares. This compares to 27.5m units at BRL19.0-BRL25.0 that it sought earlier in the year. 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.