Santander makes 5.1 billion euros on Brazil unit's IPO

MADRID (Reuters) - Spain's largest bank, Santander (SAN.MC), said on Tuesday it made 5.092 billion euros ($7.63 billion) through an initial public offering of its Brazilian unit after a greenshoe option was partially exercised.

The IPO, launched on October 7, was the biggest ever in Brazil. [nN07475718]

The bank had filed to sell 525 million units, with each unit representing 55 common shares (SANB3.SA) and 50 preferred shares (SANB4.SA), but the offering was increased 75 million units to meet demand from investors.

Of the units entitled to exercise the green shoe option, 35.96 million, or 48 percent, did so, Santander said in a statement to the stock exchange operator in Spain.

The offer brings the bank's total capital gains from the IPO to 1.499 billion euros, which Santander said it would use for its generic provisions.

Santander said the free float of Santander's Brazilian unit after the operation was 16.45 percent.

(Reporting by Sarah Morris; Editing by Steve Orlofsky)