SAO PAULO: Aluminum group Companhia Brasileira de Aluminio has estimated a price range between 14 reais and 18 reais per share for its initial public offering, which it expects to price on July 13, according to a preliminary prospectus.

The company could raise as much 3 billion reais ($603.5 million) in the offering at the top of that range.

The offering includes the sale of 62.5 million new shares and 62.5 million shares owned by the company's controlling shareholder Votorantim. The number of shares on sale may be raised depending on market conditions.

The stock is expected to start trading on July 15 under the "CBAV3" ticker.

Bank of America, BTG Pactual, Bradesco BBI, Citi, XP and UBS BB are the coordinators of the offering.