March 6 (Bloomberg) -- Senior Solution SA, a Brazilian financial software developer, is raising as much as 62.2 million reais ($31.6 million) in the country’s second initial public offering this year.
The voting shares are being sold at 11.50 reais each, Sao Paulo-based Senior Solution said in a statement. The company had expected to price the shares in a range from 13.50 reais to 15.50 reais, according to a Feb. 8 prospectus. It is selling 3.4 million shares in new capital, and existing shareholders including Brazil’s development bank BNDES are selling an additional 1.96 million shares.
Linx SA, a communications technology provider, raised 527.9 million reais in a primary and secondary offer on Feb. 6 and sold shares at 27 reais each, the high end of its expected range. Just three Brazilian companies did IPOs in 2012, the fewest in nine years, with two pricing shares below their targets.
“Because the prospects for Brazil’s economic growth this year still are not very clear, investors are more cautious and selective when buying shares at IPOs,” Felipe Rocha, an analyst at brokerage Omar Camargo, said by phone from Curitiba, Brazil.
Brazil’s economy grew 0.6 percent in the fourth quarter of last year, less than the 0.8 percent median estimate of 37 analysts surveyed by Bloomberg. It expanded 0.9 percent in 2012.
Senior Solution plans to use cash from the share sale to fund acquisitions of companies that have “a solid customer base or products and services which complement” its current portfolio, according to the prospectus. The stock is scheduled to start trading on March 8.
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