Retailer Can’t Break Brazilian ECM Trend

Retailer Can’t Break Brazilian ECM Trend

Brazil Equity

Via Varejo has priced a BRL2.85bn ($1.22bn) follow-on well below the bottom of the price range, closing out another rough year for Brazilian equity issuers. The retailer had been aiming for at least BRL3.9bn, but weak demand meant it had to settle for less – a pattern all too familiar to the Brazilian market. The operator of chains including Casas Bahia and Ponto Frio is selling 123.7m secondary units, including a 15% greenshoe, at BRL23.00 each, according to the CVM. This compares to the BRL29.

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