Cosan (NYSE:CZZ) S.A. (B3: CSAN3; NYSE: CSAN), a major player in the retail-auto dealers and gasoline stations sector, announced today that its subsidiary Moove Lubricants Holdings has initiated an initial public offering (IPO) of 25 million common shares. The offering includes 6.25 million shares by Moove and 18.75 million by Cosan and Galt Lubes Investments Limited, collectively the Selling Shareholders.
The shares are being offered within an estimated price range of $14.50 to $17.50. Moove has also filed to list on the New York Stock Exchange under the ticker symbol “MOOV”. The Selling Shareholders may grant underwriters an option to purchase up to an additional 3.75 million shares during a 30-day period at the IPO price, minus underwriting discounts and commissions.
The offering is led by a group of underwriters including J.P. Morgan, BofA Securities, Citigroup, Itau BBA, BTG Pactual, and Santander (BME:SAN) as global coordinators, and Goldman Sachs, Jefferies, and Morgan Stanley as joint bookrunners.
This announcement follows a previous material fact disclosed on July 10th, 2024, and marks a significant step for Moove in its capital market journey. Cosan’s Chief Financial and Investor Relations Officer, Rodrigo Araujo Alves, has confirmed the details of this offering.
