Spanish bank, Santander, is planning to raise up to $7.3 billion by listing 16.21% of its Brazilian subsidiary in an initial public offering, Reuters reports. It is planning to sell 525 million Brazilian and U.S.-listed units composed of ordinary and preference shares.
The final pricing of the offer is due October 6. The deal includes a “green shoe” option, which enables the underwriters to issue 100 million extra shares in case of sufficient demand.
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