Brazilian food group Camil Alimentos and shareholders have raised BRL1.32bn (US$414.6m) in an initial public offering (IPO).
But Camil was forced to cut a suggested price range by almost 15% to re-ignite investor demand and failed to raise the $542m that had been predicted.
Go deeper with GlobalData
The IPO priced shares at BRL9, the company said in a securities filing. Initially, Camil intended to sell shares in the BRL10.5-12.5 range.
In the IPO, the Itaqui-based company sold new shares worth BRL369m, while shareholders led by Warburg Pincus sold BRL950.6m in existing shares.
Camil manufactures has more than 50 food products, such as rice, beans, biscuits and canned fish. Its brands include Union and Coqueiro. The company, established in 1963, has 27 production plants in South America, including 12 in Brazil.
See Also:
The firm, which employs around 4,415 people in Brazil, announced its intention to float the business on the country’s stock exchange. B3, in July.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
