CPFL Renovaveis Declines in Sao Paulo Trading Debut After IPO
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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