Sul América Raises $370m in IPO

ING Group’s Sul América, an insurance company headquartered in Rio de Janeiro, priced its IPO at BRL31, at the low end of the BRL30-BRL40 range, to raise BRL675.8m, or $370m. Bankers close to the deal say the IPO market is proving to be more challenging than some months ago, and investors are demanding a larger discount on new offers. The book was two times oversubscribed, says a banker on the deal. UBS Pactual and Unibanco led the deal, with Banco do Brasil and HSBC as co-leads