BB Insurance IPO Aims above $4bn

BB Insurance IPO Aims above $4bn

Brazil Equity

Banco do Brasil is targeting a raise of more than BRL9.0bn ($4.5bn) through the carve-out IPO of its BB Seguridade insurance unit, and has scheduled pricing for April 23. The bank is selling 500m secondary shares at BRL15.00-BRL18.00 each, according to offering documents, indicating a BRL9.49bn deal at the midpoint if a 15% greenshoe is included. A 20% hot issue is also possible. All proceeds will go to Banco do Brasil. The state-controlled bank has consolidated its insurance businesses into the

Already have an account?

Free trial

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

Free Trial