IRB prices IPO at bottom of range: Reuters

Brazilian reinsurer IRB Brasil Resseguros priced its IPO on the
São Paulo Stock Exchange at the bottom of the indicative
marketing range as banking sector shareholders cut their holdings.
Reuters reported that the shares priced at 27.24 reais ($8.64),
the low point of a range stretching to 33.65 reais.
Based on the 73.5 million shares IRB sold the offer was worth
just over 2bn reais ($635.5mn) and accounted for about 23 percent
of the company's share capital. It values the...