SAO PAULO (Reuters) - Brazilian healthcare company Hapvida Participacoes e Investimentos SA (HAPV3.SA) launched a share offering that may raise up to 2.63 billion reais ($704 million), according to a securities filing on Friday.
The company will sell 46.4 million shares in a primary share offering. Considering overallotments, Hapvida may sell an additional 16.2 million new shares.
Hapvida said it will use the proceeds of the share offering to fund acquisitions. In May, the company acquired rival group Sao Francisco Saude for 5 billion reais.
The price per share will be set on July 24.
Reporting by Carolina Mandl; Editing by Daniel Wallis