BM&F Scoops up $3.3bn in IPO

BM&F Scoops up $3.3bn in IPO

Equity

Brazil's commodities and futures exchange, the BM&F, followed in the footsteps of the Bovespa Tuesday with a blowout IPO, which was heard more than 10x oversubscribed. The deal came at BRL20.00, at the top of a revised BRL18.00-BRL20.00 range, and a 23% upwards revision from the initial BRL14.50-BRL16.50 band. At that price, the BM&F will raise $3.3bn assuming the over allotment option is exercised, which is substantially higher than the $2.6bn it would have raised at the midpoint of its initial

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