Moove, from Cosan, aims for a valuation of US$1.9 billion in an IPO in the USA (Image: Moove/Cosan)
A Cosan (CSAN3) announced this Tuesday (01) that its subsidiary Moove set a valuation target of US$1.94 billion for its initial public offering (IPO) in the United States (USA).
Cosan's lubricants arm and some of its current shareholders launched an offering of 25 million shares and seek to raise up to US$437.5 million, at US$14.50 to US$17.50 per share.
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Moove offers 6.25 million shares, while other shareholders offer 18.75 million shares for sale. Cosan will remain as the controlling shareholder after the IPO, with a 60.4% stake in the company.
JP Morgan, BofA Securities, Citigroup, Itaú BBA, BTG Pactual and Santander are the global coordinators of the offering.
IPO do Moove
Moove will be listed on the New York Stock Exchange (NYSE), with the code MOVE.
The company filed a request with the Securities and Exchange Commission (SEC, equivalent to the Brazilian CVM) to go public on the NYSE in September.
Moove had already filed a confidential IPO request in the North American market in early July.
The IPO breaks the fast of listing Brazilian companies in the USA, which had lasted for around three years. THE Nubank it was the last company listed on the NYSE, in December 2021.
*With information from Reuters