Brazil's Patria raises $118.3 mln in SmartFit share offering
SAO PAULO, May 30 (Reuters) - Brazilian private equity firm Patria Investments Ltd raised 591.73 million reais ($118.27 million) in a secondary offering to sell shares in local gym chain SmartFit, a securities filing showed late on Monday.
The offering of 32.6 million shares was priced at 18.15 reais each, a 1.5% discount to SmartFit's closing price of 18.42 reais on Monday, according to the document.
Patria said last week it was launching a secondary offering to reduce its 38.3% stake in Smartfit Escola de Ginastica e Danca SA, as the gym chain is formally known, after a positive run for the stock in recent months.
The private equity firm will now hold 32.72% of SmartFit's capital, said the gym chain, which is also backed by the Canada Pension Plan Investment Board and Singapore state investor GIC.
Shares in SmartFit are up 35.5% so far this year. The firm listed in Sao Paulo in mid-2021, raising roughly 2.3 billion reais in an initial public offering priced at 23 reais per share. ($1 = 5.0033 reais) (Reporting by Gabriel Araujo; Editing by Kirsten Donovan)
