Smiles IPO aims to raise $677m

Victoria
By Victoria April 10, 2013 11:05

Smiles IPO aims to raise $677m

 

The floatation of Smiles, the frequent-flier program of Brazilian airline Gol Linhas Aéreas Inteligentes, aims to raise as much as 1.35 billion Brazilian reais ($677 million) in an initial public offering. Proceeds will be used to pay down debt.

Smiles plans to sell about 52 million new voting shares, including a possible overallotment of shares, for between 20.70 and 25.80 reais a share.

Smiles drew in revenue of 754.4 million reais last year and a net profit of 117.8 million reais.

Victoria
By Victoria April 10, 2013 11:05
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