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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