Brazilian logistics company Sequoia Solucoes Logisticas raised 1 billion reais ($179.39 million) in an initial public offering priced on Monday, the country’s securities regulator CVM said.

The company, whose controlling shareholder is U.S. private equity firm Warburg Pincus, priced its shares at 12.40 reais each, below the bottom of an indicative price range, which was set at between 14.25 reais and 17.75 reais.

The securities filing confirmed a Reuters reported published earlier on Monday.

Both the company and its shareholders sold shares in the offering, which was managed by investment banks Banco BTG Pactual SA, Santander, Morgan Stanley and ABC Brasil.

IPOs by Brazilian companies have faced lower-than-expected demand amid concerns about Brazil’s fiscal discipline and a huge pipeline of deals.

Still, a source said that 56% of the shares sold in the offering have been acquired by foreign investors, above the 40% average seen this year.

Source: Reuters

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