The third time was the charm for Brazil specialty fertilizer company Grupo Vittia, Sao Joaquim da Barra, Sao Paulo, which announced on Sept. 1 that its shares are now trading on Brazil’s B3 Exchange. The company had pulled initial public offerings (IPO) in April and a few weeks ago (GM Aug. 20, p. 35; April 30, p. 33), citing volatility and adverse conditions in capital markets.
Vittia’s Board of Directors approved a price per share of R$8.60 upon the primary issuance of 8.33 million and secondary of 36.1 million common shares, according to Bloomberg, citing a company filing. Brothers Wilson and Guilherme Romanini are expected to retain control and manage the 50-year old family-owned company.
The company plans to use the funds from the offering to carry out strategic acquisitions.