Familiar Story as Brazil Sees Year’s First IPO

Familiar Story as Brazil Sees Year’s First IPO

Brazil Equity

Locamerica has priced a BRL314m ($167m) IPO, Brazil’s first of the year, continuing last year’s trend and landing below its range. The vehicle fleet rental agency sold 34.9m shares, including a 15% greenshoe, at BRL9.00 each, versus the BRL11.00-BRL14.00. Brazilian debut issuers, often seen by investors as strong companies well-positioned to ride the country’s domestic growth story, appear to still be in disagreement with buyers about pricing. “The vehicle rental sector has been recovering this

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