(Reuters) -Brazil's Moove Lubricants, backed by European private equity firm CVC Capital Partners, set a target of up to $1.94 billion valuation on Tuesday for its U.S. initial public offering.

Foreign companies often eye U.S. listings hoping for higher valuations and more liquidity than local markets.

Moove and some existing shareholders are seeking up to $437.5 million by offering 25 million shares priced between $14.50 and $17.50 each.

The Sao Paulo-based company, a unit of Brazilian conglomerate Cosan SA, is offering 6.25 million shares while other stockholders are putting up 18.75 million shares for sale.

Cosan will remain the controlling shareholder post-IPO with a 60.4% stake in Moove.

Moove was formed in 2008, when Cosan acquired ExxonMobil's lubricant assets in Brazil.

The company, under the Mobil brand, produces and distributes lubricants such as engine oils, greases and industrial fluids, among others, for use in vehicles, equipment, machinery and airplanes.

Since 2011, Moove has been pursuing international expansion. In 2012, it entered Europe by buying ExxonMobil's UK lubricant unit Comma Oil & Chemicals and the U.S. lubricants market in 2018 by acquiring Commercial Lubricants.

Moove's revenue dipped 1.6% from a year earlier to 5.02 billion reais ($921.2 million) in the six months ended June 30, as lubricant sales fell.

But it swung to a profit of 237.6 million reais in the same period from a loss of 58.4 million reais a year earlier.

In 2019, CVC had acquired a 30% stake in Moove for 588.6 million reais from Cosan.

Moove will list on the New York Stock Exchange under the symbol "MOOV".

J.P. Morgan, BofA Securities, Citigroup, Itaú BBA, BTG Pactual and Santander are the global coordinators for the offering.

($1 = 5.4497 reais)