Copersucar Plans IPO

Brazilian sugar and ethanol cooperative Copersucar is preparing an IPO, according to regulatory documents. The 48-member group does not specify a size for the offer, which will include both primary shares and secondary shares to be sold by 36 shareholders. Copersucar is seeking funds to shore up its capital structure ahead of planned investments – including BRL200m ($122m) to be spent upgrading its Santos port – and for working capital. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs and Itau are managing the sale, for which the timing has not been determined. Copersucar handles sales, marketing, storage, distribution and other services for its member group of independent Brazilian sugar and ethanol producers, as well as non-exclusively for another 50 non-members, in the states of Sao Paulo, Parana, Goais and Minas Gerais. It recorded BRL407m in Ebitda during the fiscal year ended March 31, according to its prospectus.