2023-07-26 10:52:29 ET
Brazilian electric utility Companhia Paranaense de Energia ( NYSE: ELP ) said Wednesday it has launched a 1B-share offering that ultimately will privatize the company.
In a Brazil securities filing, Copel ( ELP ) said the offering, which is set to be priced on August 8, initially will total 549.17M shares, but may increase by as much as 15% depending on demand.
Considering its July 24 closing price, the offering would total 4.96B reais (~$1.05B) if the overallotment is fully sold.
The Parana state, which owns nearly 70% of Copel's ( ELP ) voting capital, had announced its intention to turn it into a firm with dispersed ownership and no controlling shareholder.
More on Copel:
- Financial and valuation comparison to sector peers
- Analysis: Copel: Hold It Until The State No Longer Owns It And Receive Dividends Meanwhile
- Stock price return: Up 28% YTD, up 36.5% in the past 12 months
For further details see:
Copel launches $1B privatization stock offering