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Santander Opts for Quality in Jumbo IPO

Oct 7, 2009

Santander’s Brazil unit has priced the biggest IPO of the year at BRL23.50 to raise BRL12.3bn in proceeds plus a likely BRL1.8bn greenshoe. The bank is heard to have garnered orders worth over BRL37bn, and thus had the opportunity to price at the top of the BRL22.00-BRL25.00 range, according to executives close to the issuer. But it chose the midpoint, where many large, long-only institutional investors had...

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There is performance risk that the market is going to have to evaluate and assess. I think that is very healthy for the market because that will enable us to finance a much wider range of projects.

Luis Fernando Andrade, Colombian National Infrastructure Agency


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