Travel Agent Set for IPO

CVC Brasil Operadora e Agencia de Viagens is scheduled to price an IPO today targeting more than BRL700m ($294m). Books were at around deal size as of Wednesday afternoon, according to people following the sale. The Brazilian travel services provider is offering 38.8m secondary shares, assuming a 15% greenshoe, at BRL18.00-22.00 each, meaning a BRL776m deal at the midpoint. The base deal represents 26.02% of the company. US private equity firm Carlyle, invested in CVC since 2009, is selling 64% of the shares in the base deal, with co-founder Guilherme Paulus selling almost all of the other 36%. Bank of America Merrill Lynch, BTG Pactual, Itau, JPMorgan and Morgan Stanley are managing the transaction, CVC’s second attempt at an IPO after a 2011 filing. Fellow Brazilian Via Varejo is scheduled for next week, to likely close out the Brazilian ECM calendar for 2013.