Brazilian construction service and equipment rental provider Mills Estruturas e Servicos de Engenharia SA, also known as Mills Rental, and its shareholders raised 686 million Brazilian reals (about U.S. $374 million) through an initial public offering of shares on the Brazilian Stock Exchange, the company said. Mills sold nearly 60 million common shares as BRL at 11.50 per share.

Mills provides concrete forms, scaffolding, aerial work platforms, telehandlers and other equipment primarily to oil and gas, shipbuilding and construction companies. The company sold 37 million shares in a primary offering and an additional 22.6 million shares in a secondary offering.

Mills, based in Rio de Janeiro, has clients as large as oil giant Petrobras, steel manufacturer CSN and Arcelor Mittal. Mills plans to use 62 percent of the proceeds from the primary offering to buy new equipment to expand its presence in local infrastructure projects. Mills was founded by the Nacht family in the early 1950s and has been run by chairman Andres Cristian Nacht, still the primary shareholder along with family members and private equity funds Axxon Group and Investidor Profissional.