Shell, Cosan JV Raizen targets $13.5 bln valuation in IPO: Reuters

Brazil's Raizen, a joint venture between Royal Dutch Shell PLCand Brazilian energy company Cosan SA, is targeting a valuation of around 70 billion reais ($13.5 billion) in its initial public offering (IPO), reported Reuters. 

"The valuation may range from 60 billion to 80 billion reais depending on demand," Reuters sources added.

The company reduced the offering to around $1 billion, or a little more than 5 billion reais, from more than $2 billion planned initially, the sources added.

"The IPO has 12 investment banks, including the units of Banco BTG Pactual SA, Citigroup, Bank of America, Credit Suisse Group AG, JPMorgan Chase & Co, Morgan Stanley, Banco Bradesco SA, Banco Santander Brasil, XP Investimentos, HSBC, Safra and Scotiabank," Reuters wrote.