Plano & Plano just announced that it is considering a follow-up of up to R$500 million, as low-income builders pitch to invest in Minha Casa, Minha Vida.
The underlying offer will be basic and around R$250 million. This offer can be supplemented by an additional share that can double the value of the offer and is secondary, as some of the company’s shareholders sell their shares.
The largest shareholders in Plano & Plano are Cyrela, with 33% of the share capital, founder Rodrigo Uchoa Luna, with 21%, and CEO Rodrigo Fairbanks, with 14%.
The offering will result in a dilution of approximately 11% for non-participating shareholders. Plano & Plano ended the day with a value of R$2.2 billion on the exchange, down 4.1%. The stock is trading at 9.7 times estimated earnings for the year and about 4 times book value.
The coordinating banks are Itaú BBA (pioneer), BTG Pactual, Bradesco BBI and XP.
MCMV was one of the main banners of Lula 3. Recently, the government raised the financing cap per property from R$264,000 to R$350,000 in Band 3 of the MCMV, and also considered increasing the income cap (for the buyer who has access to the program) by an amount Up to 12 thousand Brazilian reals.
Plano & Plano will go public a month after MRV raised R$1 billion in pursuit of the same goal of navigating MCMV changes.
The announcement of the offering comes hours after Plano & Plano posted a higher-than-consensus second quarter, with net revenue of R$485 million and gross margin of 38.3%.
Peter Arbex
