The floatation of Smiles, the frequent-flier program of Brazilian airline Gol Linhas Aéreas Inteligentes, aims to raise as much as 1.35 billion Brazilian reais ($677 million) in an initial public offering. Proceeds will be used to pay down debt.
Smiles plans to sell about 52 million new voting shares, including a possible overallotment of shares, for between 20.70 and 25.80 reais a share.
Smiles drew in revenue of 754.4 million reais last year and a net profit of 117.8 million reais.
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