Brazil’s Cimentos Liz has postponed its IPO, according to bankers on the deal. The cement maker had been looking to raise BRL548m-BRL713m, but is heard not receiving sufficient demand to price in its BRL10-BRL13 range. Liz had planned to sell 47.7m shares, with a possible 15% greenshoe. It had been looking to raise funds for expansion ahead of increased construction needs in anticipation of the 2014 World Cup and 2016 Olympics. BTG, Itau and JPMorgan were managing the sale. Smaller IPOs have been having a rough time meeting their targets this year with International Meal Company hitting the bottom of its range and CAB Ambiental pulling its offering in March. February IPOs from Autometal and Sonae Sierra both came in below their ranges. ECM bankers say larger issuers should have an easier time. A BRL500m Brazilian IPO from T4F is next on the calendar, on April 7, followed by a $1bn IPO from Arcos Dorados, a BRL5bn follow-on from Gerdau and Aeromexico’s MXP2bn-MXP3bn IPO, all the following week.
Category: Equity
Brazilian Equity: Trouble Again?
Fund outflows and investor resistance have hurt this year’s equity pipeline, which hurts small and mid-cap issuers. The buyside remains optimistic, particularly on the consumer sector.
Revamping Brazilian Airports
With one eye on the 2014 World Cup and the other on Congress, the new president is hatching a master plan to renovate Brazil’s overcrowded, overburdened and trouble-ridden airport system.
Mexican Economy in Sweet Spot
Mexico’s macroeconomic environment is in good shape, but reforms are required to draw further investment. The drug war weighs on GDP expansion.
Colombia Floods Focus Infrastructure Agenda
Devastating floods that have wreaked havoc on Colombia’s roads and highways are forcing a rethink in government. This could boost the infrastructure investment climate.
Argentina Agribusiness: Feed the World
Demand for agricultural commodities is rising fast, propelling Argentine producers. However, they require significant investment to fully tap the country’s potential.
Chilean Retail Comes Off Boil
Chilean retailers have unveiled aggressive expansion plans for 2011. Bottom line growth and stock performance are not expected to hit last year’s heady pace.
André Esteves: The Humble Billionaire
André Esteves is deploying simple concepts and hard work to take BTG Pactual global. He inspires a new generation of homegrown financial entrepreneurs.
Argentine Assets: Shiny on the Outside
Spread compression and an acquisition boom would suggest Argentina is emerging from a decade-long slump. Markets may be poised to correct since little has changed.
Citi Gets Brazil CIB Head
Citi has appointed Andre Kok as head of Brazil CIB, according to São Paulo-based sources.