Brazil's Ecorodovias plans IPO

Brazil's Ecorodovias Infraestructura e Logistica is planning an initial public offering (IPO) on the country's Bovespa stock exchange.

Existing shareholders in the toll road company that manages 1459 kilometers of highways across Brazil are Italy's Impregilo Group with a 35% interest and the CR Almeida Group with a 65% stake.

A statement from the company confirmed that it had approached the Brazilian securities regulator, the Comissão de Valores Mobiliários (CVM) seeking approval for the issue of US$ 1.08 billion worth of primary and secondary stock as a public offering.