IRB Brasil kicks off $594mn IPO

Brazilian reinsurer IRB Brasil Resseguros launched its
long-awaited IPO on the São Paulo stock exchange on Friday (7
July) with the publication of a prospectus for the 1.95bn reais
($594mn) offering.
IRB said the offering will comprise 63,960 shares priced at
between 27.24 reais and 33.65 reais apiece. That would value the
offering at 1.95bn reais at the mid-point and comprise just over 20
percent of the existing stock.
The selling shareholders are Fundo de Garantia de
Operaç&otild