HRT Stock Slides at Market Debut

HRT Stock Slides at Market Debut

Brazil Equity

Shares of Brazilian E&P company HRT Participacoes fell 2.8% to BRL1,167 in the first day of trading Monday, following last week’s BRL2.62bn IPO. The Bovespa index rose slightly on the day (0.07%) as did Petrobras common (1.70%) and preferred (1.50%) shares. OGX, however, dropped 1.8%. HRT buyers last week were betting on management’s track record to develop HRT’s greenfield blocks in the Amazon and in Africa. A 5x oversubscription seemed to suggest investors were looking for a stock other than P

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