BRAZIL: Food producer Camil Alimentos submitted a request to the Securities and Exchange Commission (CVM) for an initial public offering (IPO).
The operation, scheduled for October, aims to release current shareholders of the company and raise new resources.
Among its main shareholders, the group has the investment fund Warburg Pincus, which last year acquired a 31.75 per cent stake.
In 2011, Camil bought canned fish producer Coqueiro, until then owned by PepsiCo, with the purpose of diversifying its line of products "beyond rice and beans." The company has already operated in the fish segment through Alcyon and Pescador brands.
The planned offer will be primary and secondary, that is to say, a portion of the income will go to the company and another one to the current shareholders who sell a portion of their shares.
In the preliminary prospectus there is still no information on the number of shares to be offered, the indicative price range for the paper or the schedule of the offer.
Camil says it will use the money it collects for organic geographic expansion through acquisitions to begin internally to package sugar and to bolster working capital.
Camil's profit in the first quarter of this year was BRL 61.2 million (USD 19.4 million) compared to BRL 50.8 million (USD 16.1 million) in the same period last year.
The offer will be coordinated by Bank of America Merrill Lynch, Bradesco BBI, Itaú BBA, J.P. Morgan and Santander.