February 3, 2017 / 1:42 PM / in 9 months

Brazil's Movida cuts low end of IPO price range, sources say

SAO PAULO, Feb 3 (Reuters) - Movida Participações SA has agreed to lower the bottom end of a suggested price range for its initial public offering slated to price on Monday, a sign demand for the Brazilian car rental company’s shares is holding up at such levels, five people with direct knowledge of the decision said.

The people, who requested anonymity because the transaction is in the works, said that Movida and bankers working on the IPO have already notified potential bidders that the lowest end of the price range went to 7.50 reais a share from 8.90 reais originally.

The company said on Jan. 16 that the maximum end of the price range was 11.30 reais a share. Movida expected to raise as much as 1.184 billion reais ($378 million) with the deal.

$1 = 3.1303 reais Reporting by Guillermo Parra-Bernal and Bruno Federowski

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