Brazil’s First I.P.O. for 2014 Ends First Day Up Slightly
A veterinary medicine company, Ouro Fino Saúde Animal Participações, made its debut on Tuesday amid a weak economy and political uncertainty in Brazil.
Brazil’s first initial public offering of the year started trading on Tuesday as a veterinary medicine company, Ouro Fino Saúde Animal Participações, made its debut.
The company, trading under the OFSA3 ticker on the BM&FBovespa’s Novo Mercado in São Paulo, priced its stock at 27 reais ($11.02) a share, the upper end of the range it estimated in its preliminary prospectus. The shares closed up about 2.4 percent to 27.65 reais on their first day of trading.
Ouro Fino was approved and registered to raise about 418 million reais ($170 million) in the I.P.O. and sell 15.48 million shares, according to the website of the CVM, Brazil’s chief markets regulator.
The I.P.O. was led by JPMorgan, and also included Itaú BBA, Bradesco BBI and BB Investimentos.
In addition to nearly 1.9 million shares sold by the company, about 11.54 million shares were sold by the company’s founders, Jardel Massari and Norival Bonamichi, as well as the private equity arm of BNDES, Brazil’s national development bank.
Source: NYT- Brazil’s First I.P.O. for 2014 Ends First Day Up Slightly
