SAO PAULO (Reuters) – Health services group Hapvida published late Sunday night a notice of a primary public offering that could raise up to 1 billion reais considering an additional lot of shares and the closing price of the share on Friday, in strategy to reinforce its capital structure.
The company, one of the largest in the health sector in the country, stated in the notice that the controlling family Pinheiro Koren de Lima will underwrite a total of 360 million reais of the offer.
Hapvida will make available an initial batch of approximately 330 million common shares, with the possibility of increasing this volume by up to 20%, or approximately 65.9 million shares. Hapvida’s ON share closed on Friday at 2.62 reais, accumulating a drop of around 48% in 2023, pressured by the impact of high interest rates after a series of acquisitions and the group’s high loss ratio.
“The company intends to fully use the net proceeds from the offer to strengthen its capital structure”, stated Hapvida in the announcement.
On Friday, shares of Hapvida ended up more than 18%. On the occasion, the company announced the sale of 10 properties for 1.25 billion reais to the controlling family, as well as the hiring of banks to analyze the feasibility of the subsequent offer.
In the announcement, Hapvida stated that the issuance of new shares in the offer will be made excluding the preemptive right of the company’s current shareholders.
(By Alberto Alerigi Jr.)
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