On Thursday, the Brazilian energy company Raizen officially registered for an initial public offering (IPO) with the Brazilian Securities Commission CVM. Earlier this week, the company, a joint venture between Royal Dutch Shell Plc and local energy group Cosan SA, announced its intention to file for an IPO in the coming days.
Raizen, ranked fourth by revenue in Brazil, is the world's largest sugar producer and has a widespread network of gas stations in Brazil and Argentina.
The Raizen IPO is expected to raise up to 13 billion reais ($2.56 billion). The Brazilian currency, the real, is valued at 5.08 Brazilian reais to 1 US dollar.