Locamerica Adjusts IPO Timetable

Brazil’s Locamerica plans to price a BRL384m-BRL488m ($211m-$268m) IPO April 19, moving the date back one day from April 18, it says. The vehicle outsourcing provider is offering 18.2m primary shares, along with 12.2m secondary shares owned by Banco Votarntim’s BV Empreendimentos e Participacoes private equity fund, at BRL11-BRL14 each, it says. This would mean a BRL488m sale at the top of the range or BRL384m at the bottom, assuming a 15% greenshoe is used. A 20% hot issue is also available. A roadshow for the local and 144a sale began last week. Locamerica, which will use the symbol LCAM3, plans to use 60% of the proceeds for expanding its fleet and the remainder for working capital. Banco do Brasil, Banco Votorantim, Bank of America Merrill Lynch, BTG Pactual and Itau are managing the transaction. The April 19 date still has it on track to be the first Brazilian IPO of the year, slotting in ahead of BTG Pactual and Unicasa, both scheduled to price the following week.