Upsized Smiles Debut Lands Below Midpoint

Apr 26, 2013

Smiles, the mileage reward program of Brazilian airline Gol, has priced a BRL1.13bn ($565m) IPO in the bottom half of the price range. Exercising the full overallotment option, the transaction raises much needed funds for the airline. The carve-out is offering 52m primary...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management