The uneven performance of Latin American IPOs continues following mixed fortunes for recent transactions. Argentina’s Arcos Dorados, an operator of McDonald’s franchises, burst through its initial price range of $13 to $15 to price at $17 before trading up to close to $25. In Brazil, however, two recent IPOs marketed to investors via the Bovespa index demonstrate that IPOs within the region face more cautious investor sentiment.
Arcos’s listing on the New York Stock Exchange, which was managed by Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Banco Itaú and Citi, tapped strong investor interest in Latin American consumer-based equities and the deal was reportedly more than 10 times oversubscribed.
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