Shares declined as much as 5.5 percent from the 12.51 reais offering price. They were down 3.1 percent to 12.06 reais at 2:45 p.m. in Sao Paulo. CPFL Energia, the parent, fell 1.2 percent to 21.13 reais. The Ibovespa dropped 0.6 percent.
CPFL Renovaveis had estimated in a prospectus that shares would price in a range of 12.51 reais to 15.01 reais. The company and its shareholders are raising as much as 900 million reais ($403 million) by selling 28 million new shares and 44 million existing shares.
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