Brazilian healthcare provider Notre Dame Intermédica Participações SA has raised US$790m through an IPO on the São Paulo stock exchange. The transaction allowed U.S. private equity firm Bain Capital, which acquired Intermédica in 2014, to reduce its participation to around 70 percent.

(Reuters) Brazilian healthcare provider Notre Dame Intermédica Participações SA and its owner Bain Capital raised 2.7 billion reais ($790 million) in the first initial public offering of the year on the Sao Paulo stock exchange.

In a securities filing late Thursday, Intermédica said it planned to use around 322 million reais of the proceeds to strengthen its capital structure. The offering allowed Bain Capital, which acquired Intermedica in 2014, to reduce its stake to around 70 percent.

Strong demand from foreign investors allowed Intermédica to price its shares at 16.50 reais on Thursday, slightly above the middle of the 14.50-17.50 reais price range.

Intermédica shares are expected to debut on Monday in Sao Paulo under the trading code GNDI3.

The end of the IPO drought in 2018 is expected to raise hopes for three companies looking to go public next week on the Sao Paulo stock exchange. These include shoemaker Dass Nordeste SA, online lender Banco Inter SA and healthcare provider Hapvida Participações e Investimentos SA.