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Brazilian ECM Shows Life with TIM Follow-on

Oct 5, 2011

Brazilian wireless operator TIM has raised BRL1.72bn ($925m) in Brazil’s first equity deal since July, though bankers and investors doubt the follow-on signals a revival. TIM placed 200.3m primary shares, including a 9.5m share greenshoe, at BRL8.60 each, according to the CVM, representing a 0.92% discount to Tuesday’s BRL8.68 closing price. Parent Telecom Italia had...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

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