IRB Brasil Re to approve IPO details
IRB Brasil Re (IRB) shareholders are set to meet on Friday to approve the details of the reinsurer's IPO, according to Valor Econômico.
The plan is for the company to offer just over 50% of its shares to the market.
The Brazilian government currently has 27.4% of the reinsurer; Banco do Brasil and Bradesco have 20.4% each; Itaú has 15%; and Caixa Barcelona, which will continue to sit on the board, has 9.8%. Another 6.8% is held by smaller insurers and employees. The intention is for IRB to maintain the same shareholding group for the next 36 months.
The offer is expected to raise between 3bn and 4bn reais (US$864mn-1.15bn).
IRB's IPO application will be sent to Brazil's securities regulator CVM. Once approved, which is expected to occur in September, IRB president José Carlos Cardoso and members of the board will head to London, New York, Hong Kong and possibly Qatar to lure investors.
The offering is scheduled for mid-October, but the exact date will be determined by market conditions.
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