Brazilian Sugar Producer Jalles Machado Prices IPO Below Target Range

RIO DE JANEIRO, BRAZIL – Brazilian sugar and ethanol producer Jalles Machado SA priced its initial public offering in Sao Paulo at R$8.30 per share, well below its target range of R$10.35 to R$12.95, according to data released by Brazil’s securities regulator on Thursday.

The IPO raised R$741.5 million (US$137 million), according to the data.

In its preliminary prospectus, Jalles said it planned to use the proceeds of the IPO to increase sugarcane production at its two mills in the center-west Brazilian state of Goias and to purchase a third mill.

Related coverage: Economy Minister Says Brazil Could Cut Fuel Taxes, Still Hit Budget Deficit Goals · Mexican President Tests Negative for COVID-19, Less Than Two Weeks After Contracting it · HIV Vaccine Will Be Tested in Brazil · Brazilians May Eventually Hold Dollar Accounts under New Exchange Law

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

Brazil runoff, Sunday, October 25: When is the Brazil runoff election. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.