China Three Gorges Brazilian unit to launch IPO this month

The Brazilian unit of energy company China Three Gorges (CTG) is expected to file a request for an IPO this month with the aim of raising US$1 billion, according to Brazilian newspaper Valor Económico, citing sources with knowledge of the matter.

CTG Brasil contracted the investment banking units of Citigroup, Bank of America, Itaú Unibanco Holding, Banco Bradesco SA and Banco BTG Pactual. Citigroup will lead the union.

The IPO is expected to be priced in December, thus being the only IPO on the Brazilian stock exchange B3 in 2022, or early next year.

CTG is the world’s largest hydroelectric generator, with an installed capacity of 8.28 gigawatts in Brazil in 2018, equivalent to 8% of the country’s hydroelectric generation.