Brazil based logistics and company Sequoia Solucoes Logisticas conducted an initial public offering in its home market on 5 October. According to Brazil’s market regulator the company fetched 1 billion reais ($179.39 million) in the IPO.
In the IPO, the company priced its shares at 12.40 reais per share which was even lower than the earlier IPO price range provided by the company of between 14.25 reais and 17.75 reais.
U.S based private equity firm Warburg Pincus remains the largest shareholder in the company with controlling stake in Sequoia.
Both the company and its shareholders sold shares in the IPO. The IPO was overseen by several financial institutions including Morgan Stanley (MS), Santander, ABC Brasil and Banco BTG Pactual SA.