The shareholders of the Brazilian power group Neoenergia, namely Iberdrola (52.45%), pension fund Previ (38.21%) and Banco do Brasil Investimentos (9.34%) have completed the initial public offering (IPO) of Neoenergia. The company has begun trading in the Novo Mercado segment of the São Paulo B3 stock market (formerly Bovespa). Shareholders sold over 208 million of Neoenergia shares, representing 17% of its share capital and an offer value of BRL 3.255bn (US$843m). With a market capitalization of about BRL19bn (US$4.9bn), Neoenergia becomes the main private electricity utility in Brazil.
Neoenergia is now owned by Iberdrola (50% + 1 share) and Previ (32.9%) and the remaining 17.139% is free float. The company is a large power company in Brazil, active in power generation (equity interest of more than 4.5 GW in 2018, based on hydropower and wind power) and power distribution. The company operates through Coelba Companhia de Electricidade do Estado da Bahia, Cosern, Celpe, and Elektro, distributing electricity to more than 34 million customers and selling electricity to 13.8 million clients.
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