Reuters reported that Brazilian car rental company Unidas plans to use funds from an initial public offering (IPO) to help expand its network, fund possible purchases and support its financial position.

Last week, shareholders approved the proposal for an initial public offering on the Novo Mercado of the Sao Paulo Stock Exchange, according to the Reuters report. Current shareholders include Portuguese group SAG, Vinci Partners, Gavea Investimentos, Kinea Investimentos and Itau Unibanco.

A source told Reuters that the IPO is anticipated to close in the third quarter, but there is currently no information on the size or timing of the offering.

According to the report, CPFL Energias Renovaveis SA, alternative energy unit of CPFL Energia SA, completed the first IPO in Brazil since April.

Click here for the full Reuters report: http://www.reuters.com/article/2013/07/23/brazil-unidas-ipo-idUSL1N0FT23A20130723

Unidas is the fourth largest car rental company in Brazil. In 2012, Enterprise Holdings announced a franchising agreement with Unidas for the use of its Alamo Rent A Car and National Car Rental brands in Brazil.