April 23, 2020 / 2:54 PM / a month ago

UPDATE 1-Brazilian parking lot operator Estapar plans $71 mln IPO - filing

(Adds offering amount, banks hired)

SAO PAULO, April 23 (Reuters) - Brazilian parking lot operator Allpark Empreendimentos is planning an initial public offering in May that may reach up to 387.8 million reais ($71.30 million), according to a securities filing, the first company in the country to unveil plans for a share offering amid the coronavirus outbreak.

Estapar, as the company is known, set its price range at between 10.50 reais and 13 reais per share, it said in the document. The price will be set on May 13.

Both the company and its shareholders intend to raise money in the offering, but most of the proceeds, Estapar said, will be used to pay a public-private partnership concession with the Sao Paulo municipality to manage parking on the streets.

The company is selling 28,600,000 new shares, while shareholders are offering 1,234,430 shares.

Investment banking units of Banco BTG Pactual SA, Banco Bradesco SA, Banco Santander Brasil SA and Banco do Brasil SA will manage the offering. ($1 = 5.4387 reais) (Reporting by Carolina Mandl Editing by Chizu Nomiyama and Jonathan Oatis)

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