(Bloomberg) -- Oncoclinicas do Brasil Servicos Medicos SA, a cancer-care provider owned by Goldman Sachs Group Inc., raised about 897 million reais ($187 million) in a share sale, according to people familiar with the matter.
Oncoclinicas sold 20 million new shares, with shareholders including investment funds managed by Goldman unloading 50 million shares at 10.25 reais apiece, said the people, asking not to be named because the information isn’t public yet. That represents a discount of 3.8% from Tuesday’s close.
An additional allotment of 17.5 million shares was also offered by the selling holders, the people said.
Goldman and Oncoclinicas didn’t reply to emailed requests for comment sent outside business hours.
Founded in 2010 in Belo Horizonte, Minas Gerais, Oncoclinicas has 133 subsidiaries across 13 states, acting through specialized clinics and labs in the diagnosis and treatment of cancer.
Goldman started investing in 2015 and boosted its holdings over several years to amass a 94% stake. The position was trimmed during the firm’s 2021 initial public offering. Goldman’s stake could fall from 62% to as low as around 46%, Citigroup Inc. said in a report prior to the pricing.
Shares have surged 77% since the beginning of the year, but still trade 46% below the IPO price.
Goldman Sachs’ investment-banking arm was the leading coordinator for the deal. Other underwriters were Banco Itau BBA, XP Investimentos, Banco Santander Brasil SA, Banco BTG Pactual SA and JPMorgan Chase & Co.
“The secondary sale appears to be aligned with the natural course of a private equity cycle, albeit investors might raise questions about its timing,” Citi analysts including Leandro Bastos wrote in a report dated June 12.
--With assistance from Cristiane Lucchesi.
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