Brazilian Gafisa To Launch IPO

Brazilian property developer and construction company Gafisa is to issue 400 million shares via Bovespa’s ‘Novo Mercado’ on 17 February. Of these, 26.7 million will be offered via a primary offering and the balance of 13.3 million via a secondary offering. The shares will be sold to local investors and under the 144A rule to US investors. Foreign investors can buy the shares as GDRs. The sale is being arranged by Merrill Lynch and Banco Itaú.