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Make Way for Junior

Jun 1, 2008

As LatinFinance went to press, all eyes in the equity markets were fixed on OGX, the oil and gas startup led by billionaire entrepreneur Eike Batista. The IPO was set to launch its roadshow in the last week of the month and heard growing from an originally targeted $2.0 billion to between $3.0 billion and $3.5 billion.

“With oil at $129 this is an extremely interesting deal,” says a New York hedge fund investor looking at the deal. “At that price [per barrel] they should be able to easily execute their projects,” he adds, referring to OGX’s plan to explore seven offshore blocks it won in a government auction in December.

“This is a sizable deal and it will probably do very well,” says one ECM banker away from the transaction. The executive adds that large, liquid deals are being asked for by investors, and should help improve the issuance...

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