CVC Brasil Operadora e Agencia de Viagens SA priced its shares below its estimated price range for its initial public offering today. The Brazilian travel agency backed by private equity firm Carlyle Group will be selling its shares for BRL 16 apiece, according to a report by Bloomberg which cited a regulatory filing. The firm's IPO prospectus had indicated that its estimated marketing range for the offering will be from BRL 18 to BRL 22.

Carlyle and other investors will be selling shares in the IPO. The private equity firm had canceled a sale for the travel agency last year, saying that market conditions were unfavorable at that time. According to a Bloomberg report, CVC's sale will be the 10th IPO in Brazil for this year. So far, USD 8.2 billion had already been raised in previous share sales in the South American country for 2013. Bloomberg reported that this was over three times the amount gathered last year despite the volatility of the world's major bourse, now considered the worst performing stock market in the world. This has prompted other companies like Votorantim Cimentos and Azul Linhas Aereas Brasileiras to cancel their IPO plans.

However, not everyone expressed optimism about the prospects of the travel agency when it goes public. Analyst Rodolfo Amstalden told Seeking Alpha, "If they thought the moment for an IPO last year was unfavorable [last year], maybe now things are just as bad, or even worse, which will probably have quite an impact on the demand." Seeking Alpha also added that what would hurt the travel agency even more is the purpose of the IPO which is to allow Carlyle and other investors to cash out and not raise funds for the company.

The prospectus showed that shares in CVC, based in Santo Andre will begin trading on December 9 in Sao Paulo. The report said Brazil's Ibovespa had sunk 17% this year, the worst among the 20 largest equity benchmarks in the world.