Raizen confirms IPO set to raise $1.34B

In Brazil, Reuters reports that a securities filing shows Shell and Cosan plan to raise $1.34 billion through Raizen’s IPO with a final price set for Aug. 3 for 810,811,000 shares, although it could increase by up to 35%. With shares expected between $1.44 and $1.87 which would result in a company valuation of between $14.13 billion and $19.1 billion. The funds raised from the IPO will go towards building new plants, storage infrastructure and productivity enhancement.