Petrobras may raise up to $2.3bn with BR Distribuidora IPO

SAO PAULO: Brazilian state-controlled oil company Petrleo Brasileiro SA aims to raise up to 7.5 billion reais ($2.3 billion) by floating a minority stake in its fuel distribution unit, according to a regulatory filing.

Petrobras, as the company is known, is looking to sell as many as 393.2 million shares in its BR Distribuidora SA unit, including supplementary and additional allotments, at a suggested price of 15 reais to 19 reais per share. That would value BR Distribuidora at around 22 billion reais at the top-end of the price range.