Brazilian facilities company GPS and its shareholders raised at least $422.46 million in an initial public offering. The company priced its shares at $2.2, 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.
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.