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Perenco plans to raise up to US$688mn from Bovespa IPO

Bnamericas Published: Thursday, June 16, 2011
Perenco Petróleo e Gás do Brasil plans to raise up to 1.1bn reais (US$688mn) from an IPO on the São Paulo Bovespa stock exchange. In a regulatory filing to Brazil's securities regulator CVM, Perenco said it plans to initially offer 408,568 shares, with eventual additional lots that could bring the sale to a total of 551,567 shares. Book building ends on July 1, when the IPO will be priced. Investors must reserve shares between June 24 and June 30. Trading in the shares is scheduled to begin July 5. Perenco holds stakes in five offshore blocks in the Espírito Santo basin. The company owns a 50% stake in each of the blocks, while Brazilian oil firm OGX holds the other half. Perenco said it plans to use the proceeds for exploratory activities, seismic surveys, and acquisition, exploration and development of new blocks and assets.

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