CPFL Energias Renovaveis SA, the power utility CPFL Energia SA’s renewable-energy developer, fell in its Sao Paulo debut after an initial public offering.
Shares declined 3.9 percent to 12.02 reais at the close of trading in Sao Paulo. CPFL Energia, the parent, fell 1 percent to 21.18 reais. The Ibovespa dropped 0.5 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.
CPFL Renovaveis’s offering was the seventh in Brazil this year and followed the suspension of Votorantim Cimentos SA’s offering June 18.