Ibema Seeks up to BRL150m

Ibema, a Brazilian manufacturer of boxboard paper, is targeting BRL100m-BRL150m ($49m-$74m) through an IPO, its finance director tells LatinFinance. The issuer has this month registered with the CVM to list on the Bovespa Mais platform for small caps, through there is no timing or urgency to hold the sale. “With the objective of becoming the second-largest boxboard seller by 2014, Ibema wants to begin a consolidation process,” Clecio Chiamulera says. This would largely be through the purchase of other small producers. Eventually, the company would like to raise BRL500m from the capital markets, he adds.