Moove Lubricants Holdings, which produces and distributes lubricants for automotive, agricultural, and industrial uses, announced terms for its IPO on Tuesday.
The Sao Paulo, Brazil-based company plans to raise $400 million by offering 25 million shares (75% secondary) at a price range of $14.50 to $17.50. At the midpoint of the proposed range, Moove Lubricants Holdings would command a fully diluted market value of $1.8 billion.
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.
Moove Lubricants Holdings was founded in 2008 and booked $1.8 billion in sales for the 12 months ended June 30, 2024. It 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. It is expected to price during the week of October 7, 2024.
