Brazil-based Internet service provider Triple Play Participacoes set October 14 for its initial public offering.
TeleGeography’s CommsUpdate reported the company’s shares will be traded on the B Novo Mercado stock exchange, with a price range between BRL12.50 to BRL15.50 ($2.26 to $2.81) per share.
A total of 93,297,884 shares will be included in the base offer, which equates to 40 per cent of total shares, the IPO could raise between BRL1.17 billion and BRL1.45 billion.
CommsUpdate reported Triple Play would sell up to 20% more shares if the IPO proves popular, followed by a supplementary lot equivalent to a 15% stake.
If both sales take place majority shareholder ALAOF Brasil Midia Holdings will see its 91.6% stake reduced to 21.6%, with minority shareholders Claudio Almeida and Gilberto Minionis also diluting their stakes.
Triple Play acquired nine internet services providers over the years and operates 8,000km of fibre optics connecting 989,000 premises in Ceara, Rio Grande do Norte, Paraiba, Bahia, Sao Paulo and Minas Gerais.