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For Brazil, 2007 was the year of the IPO boom. In the first seven months of the year there were 48 issues worth R$70 billion, and in the last five months two of the biggest IPOs ever out of Brazil, and two of the top 10 largest in the world, came to market despite the deteriorating global environment. There was one true winner from these successes – Bovespa Holding – the Brazilian stock exchange.
In October, Bovespa completed a year-long process of demutualization and reorganization and brought a $3.66 billion IPO to the Brazilian market. On the back of a buoyant local equity market, the IPO finally offered investors the chance to take an indirect bet on the...
