BOGOTA (Bloomberg) — Agrenco Limited, a Bermuda-based agricultural and biofuels company, and shareholders plan to raise as much as 1.09 billion reais ($599 million) through the sale of Brazilian depositary receipts in an initial public offering.

Agrenco and shareholder Agrenco Holding BV plan to offer 64.06 million BDRs, as the receipts are known, at 13 to 17 reais each, according to a statement published in Valor Economico newspaper. Banco de Investimentos Credit Suisse Brasil SA will manage the sale.

Each BDR will represent one voting share. Agrenco, which operates in South America, Europe and Asia, provides services for grain growers through financing, transportation, warehousing, marketing and processing, according to the company's web site.