Brazil's Localiza to launch $935.5 mln share offering (updated)

Banco Santander Brasil SA

16/06/2023 12:40

(Recasts with Localiza's confirmation, adds details)
       SAO PAULO, June 16 (Reuters) - Brazilian car rental
company Localiza  RENT3.SA  said on Friday it will launch a
follow-on share offering aimed at raising as much as 4.5 billion
reais ($935.51 million) to expand its car fleet and service
network.
    The primary offering will initially comprise 60.02 million
new shares, Localiza said in a securities filing, but could be
increased by up to 12.5% if demand allows it.
        Considering its closing price of 66.64 reais per share
on Thursday, the company said, the offering would total around 4
billion reais. If the overallotment is fully sold, that amount
would reach some 4.5 billion, it added.
  
        Itau BBA, Bradesco BBI, BTG Pactual, UBS Brasil,
Santander Brasil, Bank of America, Banco Safra and XP
Investimentos are managing the offering, which is expected to be
priced on June 26.
  
        Shares of Localiza are up 26% so far this year.
  

($1 = 4.8102 reais)

 (Reporting by Gabriel Araujo; Editing by Steven Grattan and
Louise Heavens)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))