Brazilian facilities company GPS has reduced its price range in an initial public offering expected to be priced on Thursday, a source familiar with the matter said.

GPS, which is backed by private equity firms Warburg Pincus and Gavea Investimentos, set its new price range between 11.25 reais and 13 reais from between 13 reais and 15.5 reais, according to this source.

Both the company and its shareholders are planning to raise roughly 2.3 billion reais ($413.00 million) in the IPO.

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Source: Reuters