Direcional Engenharia is planning to issue up to $132.2 million of shares in an initial public offering on the Brazilian Stock Exchange, The Wall Street Journal reports. The Minas Gerais-based company will offer its shares in Brazil and to foreign investors in the form of Global Depositary Receipts.

The offering would be managed by Banco Santander, Banco Itau BBA and Morgan Stanley. Trading is expected to start on Nov. 19 and investors can reserve shares from Nov. 11 through Nov. 16.

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