QGEP Participacoes is raising a total of about $902 million in an initial public offering (IPO), Bloomberg reports. The energy exploration and production unit of Queiroz Galvao has priced each share at $11.3 per share.

QGEP will sell a total of 69.3 million shares, plus a supplementary offering of as much as 10.4 million shares. QGEP holds the concessions for eight blocks, including some pre-salt fields, in the Santos, Jequitinhonha and Camamu basins off the Brazilian coast.

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