QGEP targets $1.6bn with Sao Paolo IPO

The oil and gas unit of Brazil’s Queiroz Galvao group, QGEP, may raise as much as 2.7 billion reais ($1.6 billion) in an initial public offering planned for early February at the Sao Paulo stock exchange, writes Fabio Palmigiani.

28 January 2011 12:24 GMT Updated 28 January 2011 12:24 GMT

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The company plans to sell about 69.3 million shares priced between 23 and 29 reais.

Depending on the demand, QGEP said it will offer another lot of 13.9 million shares, while BTG Pactual, one of the co-ordinators of the IPO, may offer an extra lot of 10.4 million shares.

Bookbuilding started on 26 January and ends on 4 February. The stock will be priced on 7 February and is expected to debut on 9 February.

QGEP

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QGEP targets $1.6bn with Sao Paolo IPO