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Brazil's Tivit may lower IPO price range, paper says
September 26, 2017 / 11:55 AM / 3 months ago

Brazil's Tivit may lower IPO price range, paper says

SAO PAULO, Sept 26 (Reuters) - Brazilian information technology provider Tivit Terceirização de Processos, Serviços e Tecnologia SA is thinking of lowering the suggested price range for an initial public offering slated for Thursday, the newspaper O Estado de S.Paulo reported on Tuesday.

Under the new parameters being considered, Tivit would be valued at 3.5 billion reais ($1.1 billion), down from 4 billion reais at the current low end, Estado said, without specifying how it obtained the information.

Tivit shareholders planned to sell as many as 35.5 million shares at a price between 43 reais and 51 reais each. According to the newspaper, Tivit was struggling to lure investors at that valuation.

Efforts to contact Tivit media representatives were unsuccessful.

The report mirrors a similar situation involving food producer Camil Alimentos SA, whose IPO is scheduled for Tuesday. Reuters reported on Monday that Camil was considering cutting the suggested price range for the transaction by almost 15 percent amid weak investor demand.

The IPOs are the latest in a renewed string of equity listings in Latin America’s largest economy following a years-long drought.

Companies have turned to equities markets in recent months amid a rally in Brazilian stocks, fueled by an economic recovery, low interest rates and global demand for emerging market assets. ($1 = 3.1587 reais) (Reporting by Bruno Federowski; Editing by W Simon)

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