Brazilian lube company Moove has registered for a initial public offering on the New York Stock Exchange, confirming reports from last month that the company was exploring that option.
The New York Stock Exchange was chosen as the location of the IPO instead of Brazil because of the investor profile in the United States, as well as greater access to international markets. If confirmed, the IPO will be the first Brazilian company on the Nasdaq to do an offering since March 2023.
Moove has production sites in Brazil, the U.S. and the United Kingdom, from where it serves European markets such as Spain, Portugal and France. It also has a presence in Argentina, Bolivia, Paraguay and Uruguay. Almost half of the company’s income is derived from South America.
The company was created after parent company Cosan Group bought ExxonMobil’s lubricant manufacturing and distribution assets in 2008. Moove’s Rio de Janeiro plant is licensed to produce and distribute 400 million liters per year of Mobil-branded lubricants.
Cosan Group, which has interests in energy, oil and gas, agribusiness and mining, owns 70% of Moove, while the remainder is held by CVC Capital Partners.