Tupy Sets FO Target

Tupy Sets FO Target

Brazil Equity

Brazilian Iron parts maker Tupy has launched an equity follow-on targeting more than BRL600m ($270m) at an October 16 pricing, in what will in many ways serve as a “re-IPO” for the issuer. Tupy is selling 26m primary shares, and BNDESPar 5.2m secondary shares, according to an offering document, meaning a BRL685m deal based on Wednesday’s BRL19.10 closing price if a 15% greenshoe is included. Shares were at BRL19.45 when the deal was re-filed in August. ECM bankers note that the shares are in rel

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