Brazilian sugar trader Copersucar plans IPO
SAO PAULO – Copersucar, Brazil’s largest sugar and ethanol trader, and its shareholders plan to sell stock in an initial public offering to boost investments in logistics and marketing, according to the country’s securities regulator.
The company did not disclose the number of shares that could be put up for sale, the size of the offering or the terms of the transaction.
Copersucar hired the investment banking units of Itau Unibanco (ITUB4.SA: Quote), Credit Suisse (CSGN.VX: Quote), Goldman Sachs (GS.N: Quote) and Bank of America Merrill Lynch (BAC.N: Quote) to manage the offering, according to a prospectus published on the regulator’s website.
Rothschild & Co was also hired as an independent financial advisor.
Copersucar, the holding company that manages sugar trading and logistics for the cooperative of 48 mills that now make up the group, had been considering an IPO for some time.
Chief Executive Officer Paulo Roberto de Souza said on Jan. 20 that Copersucar was looking at going public to raise cash to invest in its operations.
At the time, he said Copersucar could create a unit to manage shipping operations, to cut costs as well as waiting times at the ports