Brazil: Petrobras sees heavy demand for follow-on equity issue

Petrobras drills home its advantages

	Chief executive Edemir Pinto, Brazil’s vice-president Jose Alencar, president Luiz Inácio Lula da Silva, finance minister Guido Mantega and Petrobras chief executive Jose Sergio Gabrielli attend a ceremony to mark the start of the offering of shares by Brazilian state oil company Petrobras in Sao Paulo September 24

Petrobras’s eagerly anticipated follow-on equity issue priced at the higher end of expectations, benefiting from heavy global demand for the shares. Demand reached $128 billion according to reports as Euromoney went to press ($98 billion from existing minority shareholders and $30 billion from institutional investors), enabling the Rio de Janeiro-based oil company to raise a record $70 billion by selling 1.87