The coming year will be an active one for the equity market, according to bankers. “A large pipeline is already building for the first quarter,” says a Brazil-based investment banker. Diversity of scale and sector – following a mixed crop in H2 2009 IPOs – should expand even further, especially in Brazil, where investors see a number of untapped parts of the economy with mature candidates to go public. Already in the queue at the CVM to price next year in Brazil are Multiplus, the frequent flyer program for airline TAM, and Aliansce Shopping centers, the mall holding company that filed in October. A handful of other companies is anticipated, including Ache, the Brazilian drugmaker and BR Properties, the commercial real estate manager partly owned by GP Investments. Also expected is OSX, the Brazilian shipyard company belonging to Eike Batista’s EBX, and Brazilian Finance and Real Estate, the mortgage and securitization specialist. Investors are also clamoring for companies in the infrastructure space. Odebrecht, which privately controls a concession manager, an engineering company and an ethanol specialist, is heard lining up some assets for the public markets. And an important trend ignited by Santander’s BRL14bn IPO in October is the public market spinoff of Brazilian subsidiaries. Bankers claim to be working on more BDR deals for large global players. Spain’s Repsol, among the largest energy concession managers in the country, is heard mulling an offer in Brazil. “You have to have a growth project in Brazil,” says Herculano Anibal Alves, head of the roughly BRL17bn equities arm of Bradesco Asset Management (BRAM). “And if you are seeking equity capital, where else can you find an exchange that can give you liquidity at a fair valuation?” he asks, pointing to the Bovespa. Beyond Brazil, activity is also expected to pick up significantly on top of the small Chilean offerings seen in H2. “I think ex-Brazil will become a much more relevant part of the market next yea