Overview

• Cosan set a base offer of 1.45 billion new ordinary shares, expandable by up to 25%, with anchor commitments totaling R$7.25 billion at R$5 per share.
• A second offer of up to 550 million shares will be adjusted so total issuance does not exceed 2 billion shares, allowing the raise to reach as much as R$10 billion.
• The company said all proceeds will be used exclusively to renegotiate and repay financial debt to reduce leverage across the group.
• Cosan’s ADRs fell about 8% in New York pre‑market trading as investors flagged heavy dilution, with one estimate near 78% on the initial leg alone.
• Founder Rubens Ometto remains in the controlling bloc while BTG Pactual and Perfin enter as anchor investors, with lock‑up specifics and any allocation to Raízen not fully detailed and the deal still subject to shareholder and regulatory clearance.