On July 15, 2026, ISA Energia (ISAE3, ISAE4) registered a primary public offering of, initially, 22,222,222 preferred, registered, non-par value shares, which may be increased by up to 100%, to a total of 44,444,444 shares, depending on the placement of additional shares. Considering the indicative price of R$ 29.25 per share on July 14, 2026, the amount of the offering would be R$ 650 mn without additional shares and R$ 1.3 bn with the full placement of the additional shares.
The offering will be aimed exclusively at professional investors, with subscription priority for current shareholders under the so-called priority offering, limited to the proportion of their stake in the capital. Isa Capital do Brasil, the controlling shareholder, has expressed its intention to subscribe up to 7,959,641 shares in the priority offering, not including additional shares, and up to 15,919,282 shares with the full placement of the additional shares, in line with its current 35.81% stake in the capital.
The transaction is subject to approval at an extraordinary general meeting scheduled for July 24, 2026, of the new authorized capital limit and the possibility of issuing common and preferred shares without observing the current proportion. Pricing of the offering is scheduled for July 23, 2026, trading of the new shares on B3 is expected to begin on July 27, 2026, and financial settlement is scheduled for July 28, 2026.
The net proceeds from the offering will be used primarily to pay AXIA Energia S.A., related to the swap transaction involving interests in transmission assets, in which ISA Energia acquired 49% of Interligação Elétrica do Madeira S.A. and sold 51% of Interligação Elétrica Garanhuns S.A. If this transaction is not completed, the funds will be used for investments in grid reinforcements and improvements or for another purpose to be defined by management, in line with the business plan.
The company warns that there will be no over-allotment option or price stabilization procedure after the offering, which may lead to significant fluctuations in the trading price of the preferred shares on B3. It also states that if the shareholders’ meeting does not approve the new authorized capital limit or if there is no demand for all the shares initially offered, the offering will be canceled and the funds deposited will be returned to investors, without interest or inflation adjustment.
