Deals of the year 2007: Bovespa floats on the wave it made
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BANKING

Deals of the year 2007: Bovespa floats on the wave it made

Bovespa’s record-breaking IPO rode on the back of an exceptional year for the ­Brazilian exchange, attracting institutional and retail investors in large numbers.

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Name of issuer: Bovespa Holding
Size of issue: R$5.8 billion ($3.66bln), including greenshoe
Pricing date:
October 24, 2007
Joint bookrunners: Goldman Sachs, Credit Suisse

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 Brazilian capital markets and their future growth.

"Bovespa has a great business model and it is the only cash exchange in Brazil," says Antonio Quintella, chief executive of the Southern Cone countries at co-lead manager Credit Suisse.

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