Brazil's facilities company GPS, shareholders raise $422 mln in IPO -sources

By Tatiana Bautzer and Carolina Mandl

SAO PAULO, April 22 (Reuters) - Brazilian facilities company GPS and its shareholders raised at least 2.3 billion reais ($422.46 million) in an initial public offering priced on Thursday, two sources with knowledge of the matter said.

The company priced its shares at 12 reais, the sources added.

GPS, which has private equity firms Warburg Pincus and Gavea Investimentos as investors, was forced to cut its price range earlier this week due to low demand from investors to between 11.25 reais and 13 reais from between 13 reais and 15.5 reais.

The company plans to use the proceeds raised for acquisitions, dividend payments and to increase its cash.

GPS will be the first facilities company listed on Brazil's stock exchange, B3 SA, when its shares debut on April 26.

Founded in 1962, GPS provides facilities services to more than 2,700 companies and has 100,000 employees.

Itau BBA, Goldman Sachs, Bank of America, BTG Pactual, Citi and Morgan Stanley managed the offering.

($1 = 5.4443 reais)

(Reporting by Tatiana Bautzer and Carolina Mandl Editing by Chris Reese)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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