January 16, 2017 / 11:21 AM / 2 years ago

Brazil's Movida sets 8.9-11.3 reais range for IPO - filing

BRASILIA, Jan 16 (Reuters) - Brazilian car rental firm Movida Participações SA plans to sell shares in an initial public offering at between 8.9 reais ($2.80) and 11.3 reais ($3.50), it said in a filing on Monday.

Movida, which is controlled by logistics company JSL SA , plans to sell 78,202,247 ordinary shares. Book building starts on Monday and ends on Feb. 6, and shares are expected to start trading in the Sao Paulo stock exchange on Feb. 8, according to the filing.

Movida’s IPO plan underscores the resilience of car renting despite Brazil’s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending.

Growing risk appetite among local investors and expectations of a more business-friendly government following former President Dilma Rousseff’s ouster in 2016 year are also bolstering IPO requests. ($1 = 3.2285 reais) (Reporting by Paula Arend Laier; Writing by Silvio Cascione; Editing by Ruth Pitchford)

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