Perenco Set to IPO Today

Brazil’s Perenco e Gas do Brasil Participacoes is set to price an IPO today which could raise as much as $529m. The Braziian unit of UK based oil exploration company Perenco plans to sell 0.4m primary shares at the BRL1,550 to BRL2,000 range. This would mean a BRL829m sale if done at the BRL1,775 midpoint and a 15% greenshoes were included. A 20% hot issue is also available. Perenco, which operates in 16 countries worldwide, is seeking funds to develop its 5 blocks in the Espirito Santo Basin and acquire additional blocks. About a third of the raise will go to acquisitions, including new government auctions. BTG, Itau and Morgan Stanley are leads.