They warn, however, that the market will only be receptive to big, liquid transactions, at least $500 million in size, and by companies based in certain industries, such as agribusiness and oil exploration and production. "The Brazilian IPO market is about finding the right industry and the right size," says Evandro Pereira, head of Latin American equity capital markets at UBS, who reckons that there could be up to 20 IPOs out of Brazil this year. That compares with 75 in 2007. Many of those were the types of issues that Antonio Quintella, head of Credit Suisse’s Brazilian operation, believes will be hard to execute this year. "In the last couple of years a lot of early-stage companies have...
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