IPO Brings A Smile To GOL

Latin American airline, GOL, is to raise up to BRL1.3bn ($562m) in an initial public offering (IPO) of its frequent flyer programme, Smiles. The airline’s shareholders will sell as many as 52.2 million shares at BRL21.7 ($10.8) each, although the airline has forecast that this could increase to as much as BRL25.8 ($12.9) each. GOL will use the proceeds to repays its debt, which is currently at BRL5.2bn ($2.59bn). General Atlantic will have the option to acquire up to BRL80m ($40m) in Smiles shares.

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