(Bloomberg) -- Moove Lubricants Holdings, a unit of Brazil conglomerate Cosan SA, filed for a US initial public offering, disclosing growing revenue.
The producer and distributor of lubricants and greases to various industries said in its filing Monday it had net income last year of about $48 million on revenue of $1.8 billion, which increased about 13% over 2022.
The public filing with the US Securities and Exchange Commission follows a regulatory disclosure in Brazil by Cosan in July that Moove had filed confidentially for a US listing. Moove will disclose proposed terms for the listing in a subsequent submission, when its underwriters are ready to begin marketing the shares.
Moove, based in Sao Paulo, will continue to be controlled by Cosan after the listing, according to the filing. Moove, whose backers include CVC Capital Partners Plc, said it’s one of the largest producers and distributors of lubricants and basic oils in South America, Europe and the US.
Cosan is controlled by Brazilian billionaire Rubens Ometto, and its businesses include a joint venture with Shell Plc and the South American country’s largest independent railway operator.
Moove’s offering is being led by JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Itau BBA, BTG Pactual and Banco Santander SA. The company plans for its shares to trade on the New York Stock Exchange under the symbol MOOV.
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