* CPFL Renováveis shares price at 12.51 reais, bottom of range
* Company raises $459.49 million in offering
* BTG Pactual, Previ had pledged to pour $411 mln into IPO
SAO PAULO, July 17 (Reuters) - CPFL Energias Renováveis SA, the alternative energy unit of Brazilian utility CPFL Energia SA , on Wednesday completed the first initial public offering in the country since April.
Recent market turmoil had forced other companies to reconsider similar plans.
Shares of CPFL Renováveis, as the company is known, priced at 12.51 reais, the low end of a suggested price range of 12.51 reais to 15.01 reais, according to information on the website of Brazil's securities regulator CVM.
The CPFL Renováveis IPO is the first since April 25, when BB Seguridade Participações SA and Smiles SA raised a combined 12.6 billion reais in two separate offerings. A sudden shift in market mood since then forced two other Brazilian companies to rethink their IPOs.
The São Paulo-based company and its shareholders raised 1.03 billion reais ($459.49 million) in the offering. It sold 38.77 million common shares in a so-called primary offering, while shareholders, including private equity firm Patria Investimentos, sold 43.96 million shares in a secondary offering.
BTG Pactual Group, a bank handling the deal, and state-run pension fund Previ pledged to pour at least 890 million reais into the IPO if investor demand fell short.
In a primary offering, proceeds from the IPO go to the company's coffers; a secondary offering is the mechanism by which shareholders may fully or partially cash out their stake.
The company hired Bank of America Merrill Lynch to manage the transaction, alongside Morgan Stanley & Co., Bradesco BBI, Itaú BBA, BB Investimentos and BTG Pactual.
CPFL Renováveis' is the second BTG Pactual-sponsored IPO this year with some sort of guarantee to bolster the transaction.
The other structured deal involving a guarantee mechanism was the IPO of Biosev SA, which fetched $407 million in an unusual IPO involving a money-back guarantee to help allay concerns over Brazil's sinking equity markets. Previ, which stands for Caixa de Previdencia dos Funcionarios do Banco do Brasil, is the nation's largest pension fund.