EBR - Eletrobras offering demand nears $14.2B twice oversubscribed - Reuters

Brazil will give up its controlling stake in power utility Eletrobras (NYSE:EBR) in a share sale on Thursday that could raise $7B, making it the country's largest privatization since 1998. Demand for shares is near 70B reais (~$14.2B) and the offering is twice oversubscribed, Reuters reports. Pricing will be defined later on Thursday based on the offering demand, but the offering prospectus considered the share price at 44 reais; at that price and with the sale of additional allotments, the offering would raise ~35B reais. Cash from the sale will finance a reduction in electricity bills, and possibly a series of measures being proposed by President Jair Bolsonaro to cut fuel prices and tamp down inflation. The privatization process only gained traction in recent months after the government gave in to several demands from lawmakers.

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Eletrobras offering demand nears $14.2B, twice oversubscribed - Reuters