Panamericano Stumbles to Market

Panamericano Stumbles to Market

Equity

Brazil's Banco Panamericano succeeded in pricing an IPO Tuesday, but raised 28% less than it had originally hoped for. The offering was slated to come at BRL12.50-BRL15.00, but it ended up coming at just BRL10.00. This resulted in a maximum raise of $443m assuming a full exercising of the over allotment option, versus $610m if the deal had come at the midpoint. IPO investors have been particularly cautious when it comes to real estate and mid-cap banks, since oversupply from each sector has caus

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