February 12, 2020
Brazilian mid-sized lender Banco Daycoval said on Tuesday that it filed for an initial public offering (IPO) with the local securities regulator CVM.
To prepare for the IPO, Daycoval's shareholders agreed to convert 41% of common shares, or 94.5 million shares, into preferred shares. They also agreed to use the bank's cash reserves to increase capital by BRL1.3 billion ($301 million) and issue 84.3 million new common shares to existing shareholders, Daycoval said in a securities filing.
Brazilian mid-sized lender could raise up to $920 mln in its stock market return