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Brazilian sanitation firm CAB Ambiental plans to launch an IPO of up to 9.66mn shares on São Paulo stock exchange Bovespa on March 2.
The firm plans to offer about 7.16mn shares with additional lots of 1.07mn and 1.43mn shares available in the event of strong investor demand, news service Agência Estado reported.
The shares are expected to be priced at between 11-14 reais each, which means CAB could raise more than 135mn reais (US$81.2mn) if all shares are placed at the maximum suggested price.
The company will use part of the proceeds for corporate expenses, while around 50% will go towards development of new business, including concessions and public-private partnerships, the report said.
The shares will be listed on the entry-level market known as Bovespa Mais and trading is scheduled to start on March 4.
Local bank Banco J. Safra will coordinate the IPO, with BB Investimentos and XP Investimentos as co-managers.