Iguatemi Empresa de Shopping Centers SA, a Brazilian operator of commercial real estate, raised 477 million reais ($229 million) in an initial public offering.

Sao Paulo-based Iguatemi sold 15.9 million new shares for 30 reais each, according to a statement published today in Valor Economico newspaper.

The company planned to sell the shares for 23 reais to 30 reais each.

Iguatemi shares will start trading tomorrow on the so- called New Market, a section of the Sao Paulo stock exchange with stricter disclosure rules.

(Published by Bloomberg, February 6, 2007)