The offering could raise 7.5 billion reais ($1.39 billion), considering closing share prices. The final price of the shares will be set on Oct. 1.
This share offering is part of Brazil’s development bank BNDES unloading its multi-billion stock portfolio, as President Jair Bolsonaro’s government tries to reduce the Brazilian state’s presence in the economy.
JPMorgan Chase, Bank of America, Bradesco BBI, Itau BBA and XP Inc will manage the offering. $1 = 5.3968 reais Reporting by Paula Laier Editing by Chris Reese