Compass Gas e Energia Ends Brazil Five Year IPO Drought
The Cosan-controlled energy firm priced its initial public offering at 28 reais per share to raise approximately $650 million on the B3 exchange. Cosan intends to use the majority of the proceeds to reduce debt as high interest rates continue to impact the conglomerate's financial results.
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COSAN SA subsidiary Compass Gas e Energia raised 3.2 billion reais ($650 million) in an IPO on Thursday evening. The transaction ends a nearly five-year drought for new listings in Brazil dating back to September 2021. The listing is the first on the B3 exchange since September 2021.
