3R Petroleum (RRRP3) raised R$ 822.8 million with a new issue of shares (follow-on), four months after debuting on the Stock Exchange with an IPO that raised R$ 690 million. According to the relevant fact, R$ 559.5 million will go to the capital account of the oil company, and R$ 263.3 million will remain in the reserve account.
The follow-on involved the issue of 22.856 million common shares, sold for R$ 36 each. The value is 71.4% higher than the R$ 21 for which 3R Petroleum placed its shares in the IPO. At the time, the operation was priced below the floor of the indicative range (R$ 24.50).
Impact on negotiations
The problem is that the new issue was carried out at a price below the current price of the securities on the spot market of B3 (B3SA3). At the close yesterday (30), for example, the shares were quoted at 39.30.
It is no accident, therefore, that 3R Petroleum shares are negotiated with a sharp drop on Wednesday (31). At 10:55, the shares dropped by 3.26%, to R$ 38.02. At the same time, the Ibovespa, the main trading index, fell 0.17% at 116,649 points.
Source: Money Times