Brazil’s reinsurer IRB on track for $600m IPO

Brazil’s major reinsurer IRB Brasil Resseguros has filed for an initial public offering in the São Paulo Stock Exchange.

In the filed prospectus it said that the capital of the company was R$1.95 billion represented through 312.000.000 ordinary shares and one golden share owned by the Brazilian state.

Initially, the public offering will comprise 63.960.000 shares.

Shareholders including Brazil's Fundo de Garantia de Operações de Crédito Educativo, BB Seguros Participações, Bradesco Seguros and Itaú Seguros will sell some of their stakes in IRB Brasil as part of the IPO, according to the prospectus.

A minimum stake of 10 percent of IRB’s shares and a maximum of 20 percent of the shares will be available for purchase on the market with priority given to non-institutional investors.

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