Tempo Prices Below Range

Tempo Prices Below Range


Brazilian healthcare company Tempo Participaçoes closed out this year's LatAm equity season with a whimper, pricing its IPO at BRL7.00, well below the original midpoint of BRL9.25. The company sold 56.3m shares to raise BRL394m, 25% less than the BRL520m it might have raised at the original midpoint target. The underwriters have the option to buy an additional 8.4m shares which, if exercised, could raise the company another BRL59m. The pushback from investors on the valuation came as no surprise

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