RIO DE JANEIRO, BRAZIL - InterCement has hired banks for an initial public offering (IPO) of its operation in Brazil, which aims to raise between US$500 million and US$1 billion, according to sources close to the matter.
The cement maker is working with Bradesco BBI, Itaú BBA, UBS BB Investment Bank, JPMorgan Chase and Bank of America on a potential IPO on B3 exchange, sources said, asking not to be identified because the information is not public.
InterCement raised the possibility of an IPO of its Brazilian operations in its fourth-quarter 2020 earnings report, saying at the time . . .