Overview

• Anchor investors committed R$7.25 billion at R$5 per share in the first offering of 1.45 billion new shares, with a 25% overallotment option.
• The second offer may issue up to 550 million shares at the same price, with total new shares across both offers capped at 2 billion.
• Key dates include an extraordinary shareholders’ meeting on October 23, first-offer pricing on November 3, and second-offer pricing on November 11, with completion targeted by mid-November.
• Governance terms include a 20-year shareholders’ agreement, a four-year lock-up for anchor shares, and Rubens Ometto retaining formal control with 50.01% via Aguassanta.
• Shares fell sharply after the announcement, with B3 trading down about 19%–22% and ADRs off roughly 8% pre-market, as management said all proceeds will go to debt reduction and not to Raízen.