Midcap IPO Flounders in Secondary Waters

Midcap IPO Flounders in Secondary Waters

Equity

Tivit, the Brazilian IT outsourcer which brought LatAm’s first midcap IPO in more than a year, has failed to impress investors, setting an initially discouraging precedent for the region’s medium-sized IPO hopefuls. In its first four trading sessions, the stock has slid 13%, and may be poised for a bigger drop in the coming days once the deal’s underwriters run out of greenshoe shares to support the trade in the secondary. Several midcap issuers are heard hoping for a window, but investor intere

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