Santander Opts for Quality in Jumbo IPO

Santander Opts for Quality in Jumbo IPO

Equity

Santander’s Brazil unit has priced the biggest IPO of the year at BRL23.50 to raise BRL12.3bn in proceeds plus a likely BRL1.8bn greenshoe. The bank is heard to have garnered orders worth over BRL37bn, and thus had the opportunity to price at the top of the BRL22.00-BRL25.00 range, according to executives close to the issuer. But it chose the midpoint, where many large, long-only institutional investors had apparently indicated strongest interest. “That was the price at which many [large] accoun

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