Brazil's Raizen signals IPO filing is imminent

FILE PHOTO: People walk as a bus passes a Shell gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci/File Photo

(Reuters) – Brazilian energy firm Raizen intends to file for an initial public offering “in the next days,” the company said in a Monday night securities filing.

In the filing, the company, a joint venture between Royal Dutch Shell PLC and energy group Cosan SA, said it would no longer offer forward-looking guidance in order to align its bookkeeping practices with auditors and advisors “in the context of a potential public offering.”

In late April, Reuters reported that Raizen had hired four investment banks to manage a public offering expected to raise up to 13 billion reais ($2.49 billion), news that was later confirmed by the company.

Raizen, the world’s largest sugar maker, also controls a major gas station network in Brazil and Argentina and is Brazil’s fourth largest company by revenue.

($1 = 5.22 reais)

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