IPO: How Petrobras struck $70 billion

The equity transaction that Petrobras priced on September 23 last year set a world record. The deal was skilfully executed but many of the arguments that divided investor opinion on the transaction rumble on. Rob Dwyer tells the inside story.


Petrobras CEO Gabrielli and CFO Barbassa struck a rich seam of investment
Timeline: How the deal unfolded

The deal in numbers


The controversial $8.51

The investor who tried to pull the plug


AT SOME POINT in the middle of a 16-day roadshow, Almir Barbassa, Petrobras’s CFO and one of the key architects of the $70 billion equity offering he was selling to Europe’s leading investors, found a quiet moment. Its exact location has been forgotten among the general confusion created by the roadshow’s almost perpetual motion.

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