3R Petroleum defined between R $ 24.50 and R $ 31.50 the indicative price range in its initial public offering (IPO). Considering the middle of the indicative range, of R $ 28.00, and the number of 28,571,429 shares of the base offer, the operation may handle R $ 800 million. The offer will be primary, when the funds go to the company’s cash.
There is also the possibility of an additional lot of up to 20%, or 5,714,285 shares, and an additional lot of up to 15%, or 4,285,714 shares. In this case, even considering the middle of the indicative range, the total offer would rise to R $ 1.080 billion.
Pricing is scheduled for November 9th. The company’s shares will be traded on B3 under the ticker ‘RRRP3’.
In the first half of this year, the company had revenues of R $ 20.076 million, with a loss of R $ 14.651 million.
According to the prospectus, the company will use the proceeds from the offer for the potential acquisition of Petrobras’ assets (55%); payment for the acquisition of Petrobras assets in progress (30%); and an increase in the cash position of the main asset, the Macau Polo (15%).
3R says it aims to revitalize onshore and shallow water fields that have not received significant investments from its current operator for a long time due to the change of focus to the pre-salt. In July and August, it bought 65% of the Pescada-Arabaiana asset from Petrobras, 100% from the Fazenda Fazenda Belém pole and 100% from the Rio Ventura complex, which add up to approximately US $ 118 million to be paid.
The main shareholders are FIP 3R, which has a 34.9% share and can be diluted up to 23.2% if additional and supplementary lots are exercised; FIP Esmeralda, with 30.7% and which can drop to up to 20.4%; and DBO Energia, which has 19.2% and may fall to 12.8%.
The operation is led by XP Investimentos, BTG Pactual, Itaú BBA and Genial Investimentos.
3R Petroleum tanks – Photo: Reproduction / 3rpetroleum.com.br