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.