SAO PAULO, June 30 (Reuters) - Brazilian homebuilder Direcional Engenharia said late on Thursday it has raised 428.87 million reais ($88.31 million) in a follow-on offering priced at 18.25 reais per share, a 4.2% discount over its close.
The primary offering comprised a total 23.5 million new shares, the company said in a securities filing, as its initial sale of 20 million shares ended up increased by 17.5% because of high demand.
Direcional had announced the move earlier this month saying it was aimed at raising money for it to grow and "optimize" its capital structure.
Itau BBA, XP Investimentos, Bradesco BBI and Santander managed the offering. ($1 = 4.8566 reais) (Reporting by Gabriel Araujo; Editing by Susan Fenton)
