Moove Lubricants Holdings, which produces and distributes lubricants for automotive, agricultural, and industrial uses, filed on Monday with the SEC for an initial public offering. The company filed with a placeholder deal size; we estimate the IPO could to raise up to $250 million.
The company, formed out of Cosan's acquisition of ExxonMobil's Brazilian lubricant assets, produces a range of lubricants for use in vehicles, equipment, machinery, airplanes, and other uses. Products offered by the company includes engine oils, automotive and industrial fluids, greases, cutting oils, insulating oils, process oils, and car care products. The company serves about 140,000 clients throughout South America, the United States, and Western Europe.
The Sao Paulo, Brazil-based company was founded in 2008 and plans to list on the NYSE under the symbol MOOV. J.P. Morgan, BofA Securities, Citi, Itau BBA, BTG Pactual, Santander, Goldman Sachs, Jefferies, and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
