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Brazil's Focus Energia raises $143 mln in IPO

· 02/05/2021 13:07
Brazil's Focus Energia raises $143 mln in IPO

- Brazilian electricity company Focus Energia Ltda POWE3.SA raised about 765 million reais ($143 million) in an initial public offering, according to data published by the nation's securities regulator on Friday.

The company, which is active in electricity generation, distribution and trading, priced the IPO at 18.02 reais per share, significantly below the target range of 21.20 reais to 28.60 reais.

In addition to the primary offering, the company's owners sold 122.4 million reais in a secondary offering.

The company said in its prospectus that it plans to use the proceeds to invest in solar power projects.

It shares will start trading in Sao Paulo on Monday.

($1 = 5.35 reais)

(Reporting by Luciano Costa; Writing by Gram Slattery)

((gram.slattery@thomsonreuters.com; +55-11-95057-1453))