BB Seguridade IPO Tops $5bn

BB Seguridade IPO Tops $5bn

Brazil Equity

Banco do Brasil's BB Seguridade unit has priced a BRL11.48bn ($5.74bn) IPO near the top of the range and has used full overallotment options to give LatAm its largest IPO in almost four years. The insurance business carve-out is offering 675m secondary shares at BRL17.00 each, according to the CVM, above the midpoint of the BRL15.00-BRL18.00 range. The total includes a 15% greenshoe and full use of the 20% hot issue option. The sale was heard getting at least 2x in orders. As with most Brazilian

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