Manufacturing Industry
Gol prices initial public offering at BRL26.57 per share
Airline Industry Information, June 24, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Brazilian low-fare airline Gol priced its initial public offering at BRL26.57 per share, above its initial expectations for the sale.
Morgan Stanley, which underwrote the deal, said that each American Depositary Receipt was priced at USD17, with almost three quarters of the IPO going to international investors. According to Brazil's Securities Commission the IPO raised about BRL1bn.
The airline is planning to use the funds to expand its fleet of 22 Boeing 737 aircraft to 69 aircraft by 2010, Reuters reported.
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