Brazil-based car rental firm Unidas on Monday filed for an initial public offering in São Paulo, aiming for up to $195m in proceeds and providing an exit to car rental provider Enterprise Holdings.
Unidas has not yet revealed a date for the flotation or priced its shares for the offering.
The announcement comes just one month after Enterprise Holdings made a strategic investment in Unidas, acquiring a 20% stake and taking a board seat. Unidas and Enterprise Holdings have been franchise partners since 2012.
Enterprise Holdings purchased the shares from private equity firms Gávea Investimentos, Vinci Partners and Kinea Investimentos, which had owned a total of 65% stake in Unidas before the deal. Principal Gestão de Activos owns the remaining 35% stake.
Gávea Investimentos, Vinci Partners and Kinea Investimentos made a first investment five years ago, upping their commitments in 2014.
Unidas operates a fleet of approximately 46,000 vehicles that are available for both consumers and business clients across 215 cities in Brazil. Unidas operates 94 branches in 48 locations directly, with the remaining 121 branches managed by a franchising network.
Itaú Unibanco Holding, Bank of America, JPMorgan Chase and Haitong Securities are managing the IPO.