Petrobras filed on Wednesday (Nov.22) with the Securities and Exchange Commission (CVM), documents related to the public offering of secondary distribution of the shares of Petrobras Distribuidora (BR Distribuidora).
The company will offer a 25 percent stake in its BR Distribuidora SA unit in an IPO set to price on Dec. 13, according to CVM’s regulatory filing.
In the initial sale of 25% of BR – 291.25 million shares, the company projects a stock price between R $ 15 (US $ 4.61) and R $ 19 (US $ 5.84). At the average price of R $ 17 (US $ 5.22), the initial amount of BR’s secondary offer would raise R $ 4.95 billion (US $ 1.52 billion).
The offer will be made in Brazil, in the non-organized over-the-counter market, pursuant to the determination of the Brazilian Securities and Exchange Commission, including stock placement efforts abroad. ”
The sale price of BR shares will be determined after the determination of the result of the procedure for collecting investment intentions with institutional investors, a procedure to be carried out in Brazil and abroad, also in accordance with CVM Instruction 400 (bookbuilding).
The local investment banking unit of Citigroup Inc will act as lead underwriter. Bank of America Corp, Banco do Brasil SA, Banco Bradesco SA, Banco Itaú BBA SA, JPMorgan Chase & Co, Morgan Stanley and Santander Brasil SA will also underwrite the transaction.