February 3, 2017 / 6:14 PM / a year ago

Demand in IPO of Brazil's Movida gaining traction, source says

SAO PAULO, Feb 3 (Reuters) - Demand for shares in the initial public offering (IPO) of Brazilian rental car firm Movida Participações SA was gaining traction after it reduced the lower limit in a suggested price range, a source said on Friday.

According to the source, Movida’s controlling shareholder, JSL SA, has placed a “significant bid” to secure the IPO’s success. Reuters had reported earlier on Friday that Movida had cut the price floor to 7.50 reais a share from the original 8.90 reais. (Reporting by Guillermo Parra-Bernal; Writing by Bruno Federowski; Editing by Jonathan Oatis)

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