U.S. Markets closed

Brazil's CSN Mineracao to be valued at up to $11.9 bln in IPO -report

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

SAO PAULO, Jan 21 (Reuters) - Brazilian miner CSN Mineracao aims to be valued at between 47.5 billion and 63 billion reais ($11.91 billion) in an initial public offering to be launched by Friday, the Estadao newspaper reported on Thursday.

CSN Mineracao is controlled by steelmaker Companhia Siderurgica Nacional which plans to raise roughly $1 billion by selling a stake in the miner, the report said.

CSN Mineracao will not raise proceeds in the offering, Estadao said.

The company was not immediately available for comment.

($1 = 5.2917 reais) (Reporting by Carolina Mandl; editing by Jason Neely)