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Brazilian IPO Struggles

Oct 21, 2013

Ser Educacional set a below-the-range price Friday for an IPO targeting BRL620m ($286m), before regulators stepped in to suspend the transaction on a technicality. The for-profit educator priced at BRL17.50 per share, according to people familiar with the terms, below the BRL19.50-BRL23.50 range. However, the CVM decided later Friday to postpone the sale for up to 30 days, due to “the prospectus not having complete, precise...

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

Jan Dehn, Ashmore Investment Management