February 6, 2017 / 8:55 PM / a year ago

Brazil's Movida prices IPO at 7.50 reais a share

SAO PAULO, Feb 6 (Reuters) - Brazilian car rental company Movida Participações SA’s initial public offering (IPO) was priced on Monday at 7.50 reais a share, at the bottom of a suggested price range.

According to information on the website of securities industry regulator CVM, Movida raised about 645 million reais ($207 million) in the offering. It was not possible to establish immediately whether the amount reported included the sale of additional and supplementary stock allotments.

According to a source, who requested anonymity because details of the deal have not been announced, a member of the family controlling JSL SA, which controls Movida, placed a bid equal to 15 percent of the IPO to help to close the order book. Reuters reported on Friday that Movida had lowered the floor of its price range to salvage the deal.

$1 = 3.11 reais Reporting by Guillermo Parra-Bernal and Aluisio Alves

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