Brazilian food processor BRF SA said on Wednesday it had priced its share offering at R$20.00 per share, a 7.5% discount to Tuesday's closing price, raising R$5.4 billion (€910 million).
BRF, a major poultry and pork processor, said in a securities filing it would use the proceeds to boost its capital structure, expand activities and make strategic investments.
The offering was comprised of 270 million new shares and raised BRF's total share capital to R$13.05 billion (€2.19 billion), the company said, adding an over allotment of 54 million shares - or 20% of the original offering - was not sold.
BRF counts meatpacker Marfrig Global Foods SA, pension funds Petros and Previ, and asset manager Kapitalo Investimentos among its largest shareholders.
Local media reported earlier in the week that only Petros refrained from buying stock during the share sale.
When the offering was first announced in December, market players speculated that Marfrig could acquire a controlling stake in the company without the risk of triggering a poison pill to block such a move, but its shareholders ended up approving it to only take part in the offering within the 'limit of its stake in BRF's capital.'
Investment banks Citigroup, Bradesco BBI, BTG Pactual, Itau BBA, J.P. Morgan, Morgan Stanley, Safra, Santander Brasil, Bank of America, Credit Suisse and UBS BB managed the offering.
In August 2021, BRF reported a net loss for the second quarter, as higher grain prices and the lasting effects of the COVID-19 pandemic weighed on the pork and chicken processor.