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SAO PAULO, Nov 30 (Reuters) - Movida Participações SA on Wednesday filed for regulatory permission to sell shares for the first time in the São Paulo Stock Exchange, the second such plan by a Brazilian car rental company this year.
In its securities filing, both Movida and controlling shareholder JSL SA said they will place stock as part of the initial public offering plan. None detailed terms of the deal, the size of the transaction, the number of shares to be offered or a suggested price tag for the stock.
The companies filed two days after larger rival Unidas SA announced an IPO plan. The move underscored the resilience of car renting despite Brazil’s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending.
Rental growth at Unidas and Movida has fared better than expectations in the first half, signaling pricing flexibility and a better use of current capacity.
Growing risk appetite among local investors and expectations of a more business-friendly government following former President Dilma Rousseff’s ouster earlier this year are bolstering IPO requests. Brazil’s equity market, the biggest in Latin America, has seen only two IPOs in the past two years.
That compared with 10 over the previous two years. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese and Jonathan Oatis)