Shares in Brazilian veterinary products maker Ouro Fino Saúde Animal Participações SA rose on their Tuesday debut in the São Paulo Stock Exchange, after strong demand for the stock allowed the company to price an initial public offering at the top of the suggested price range. Ouro Fino gained as much as 1.7 percent after opening, before tempering gains at 1 percent to 27.25 reais at 10:37 a.m. local time (1237 GMT).
The Cravinhos, Brazil-based company and some shareholders sold a total 15.48 million shares at the IPO last Friday, at a price of 27 reais each, according to information on securities industry watchdog CVM's website. The deal fetched a total 418 million reais ($168 million), CVM data showed. Investors placed bids equal to more than five times the number of shares available, sources told Reuters on Friday.
$1 = 2.4923 Brazilian reais