Brazil’s largest private power distributor Neoenergia, controlled by Spanish utility Iberdrola, priced its shares at 15.65 reais apiece in the biggest initial public offering from a Brazilian company this year. The price was at the middle of the range of 14.42 reais to 16.89 reais proposed in the offering prospectus, according to data from Brazil’s securities regulator. The sale of 239 million voting shares raised 3.74 billion reais ($977 million), not considering additional and supplementary offerings, according to calculations based on the prospectus. It’s the biggest IPO this year in Brazil and the first since Grupo SBF in mid-April. Brazil’s state-controlled bank Banco do Brasil sold its entire 9.3 per cent stake in the firm, while controller Iberdrola reduced its stake to 50 per cent from 52.45 per cent, the prospectus said. Brazil’s biggest pension fund, Previ, from the workers of Banco do Brasil, sold part of its 38.2% stake and may end up with 26.86 per cent if the additional and supplementary offerings are sold. Before the Neoenergia IPO, total equity offerings by Brazilian companies this year had raised 39.51 billion reais, 71 per cent more than the same period last year, according to data compiled by <em>Bloomberg</em>. Neoenergia shares will begin trading Monday on the Sao Paulo stock exchange. Bank of America Corp is the leading coordinator. JPMorgan Chase, Credit Suisse Group, Citigroup and HSBC Holdings are also helping with the share sale.