Brazilian ECM Shows Life with TIM Follow-on

Brazilian ECM Shows Life with TIM Follow-on

Brazil Equity

Brazilian wireless operator TIM has raised BRL1.72bn ($925m) in Brazil’s first equity deal since July, though bankers and investors doubt the follow-on signals a revival. TIM placed 200.3m primary shares, including a 9.5m share greenshoe, at BRL8.60 each, according to the CVM, representing a 0.92% discount to Tuesday’s BRL8.68 closing price. Parent Telecom Italia had indicated it would exercise its rights to 66.94% of the sale, meaning only about a third of the deal hit the markets and filling t

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial