Category: Equity

Chilean salmon producer Multiexport Foods is planning to list around 20% of its stock on the local Santiago Stock Exchange next month, local media reported. The firm is looking to raise $70m from the offering and will kick off its roadshow in the last week of June. Local broker LarrainVial will coordinate. The planned IPO will make Multiexport the second Chilean salmon producer to float its stock locally, joining Invermar, which went public in 2005 raising $22m.

Brazilian logistics operator Tegma Gestão Logistica is seeking to raise up to BRL646.4m from its planned IPO on Bovespa, the company said Tuesday. Tegma will issue 20.2m common shares on the Novo Mercado of the exchange. The transaction will be coordinated by JPMorgan.

Brazilian Banco Daycoval will join two other mid-sized banks to list on Bovespa this year – Sofisa and Pine – after it said it was looking to raise up to $1bn via its IPO. Goldman Sachs and UBS will coordinate the offering. The bank is hoping for between 14.50 reais and 19.50 reais per share for its 55.88m preferred shares.

Brazilian mid-tiered bank, Banco Cruzeiro do Sul, has unveiled details of its IPO, planned via Bovespa. The offering comprises 36.140 million preferred shares, according to the Bank. The expected price range is between 13.50 Brazilian reals ($6.92) and Brazilian reals 17.50 per share. Trading is expected to begin June 26, the bank said in a statement. UBS is coordinating.

Argentina’s Banco Patagonia, is preparing to list on the Bovespa and the Merval, to raise around $220m. The listing of BDRs for an IPO would be the first of its kind from Argentina. A partial NYSE-listing is also anticipated. JPMorgan is heard to have secured a mandate for the offering, which Patagonia has been alluding to for more than two years. Patagonia has a strong presence in the middle market, and like Banco Macro, it has grown significantly through acquisitions and organic expansion in the wake of the Argentine crisis of 2001-2002.

Brazil inflation, as measured by IPCA, rose by 0.28% in May, according to the national statistics agency IBGE, picking up from the 0.25% rise seen in April. Annual inflation rose from 3% in April to a six-month high of 3.18% in May, above market forecasts but not enough to stall a larger 50bp interest rate cut announced by the Central Bank Wednesday.

Brazilian mining and metals company MMX Mineração e Metálicos has delayed its planned listing on the Toronto Stock Exchange, expected for June 6, according to a company press release. The delay is a result of a structuring problem with the company’s global depositary receipts (GDRs), it said, without offering details.

Brazil’s fourth largest beef exporter, Minerva, filed with Brazil’s CVM to list an IPO of its shares on the Novo Mercado. Credit Suisse is coordinating. Proceeds are to expand production capacity and for possible acquisitions. Minerva will be the third Brazilian beef processor to list its shares on the local stock exchange. In March, Brazil’s JBS SA, which controls leading beef exporter Friboi, raised 1.6bn reais from an IPO, according to Dealogic. In April, Marfrig filed an intention with the CVM to list its shares. Bertin is also rumored to be interested in going public. JBS has the lead in the rapid expansion of Brazil’s beef sector. It announced Tuesday it is buying Swift, the third-largest U.S. processor of beef and pork, for $1.4bn, which should make it the largest beef company in the world.

Brazil’s investment funds administrator, Tarpon Investment Group, raised 401.5m Brazilian reais ($206.3m) from its initial public offering of shares on the Bovespa, according to Dealogic. Tarpon sold 18.25m shares at 22 reais each, the low end of 22-30 reais guidance. The shares are trading today in Brazil and with qualified foreign investors under 144a SEC rules. Credit Suisse led the deal. Tarpon is the second investment fund administrator to list its shares in Brazil. GP Investments raised 758.4m reais ($329.7m) in its June 2006 IPO, also through Credit Suisse.

Brazilian bank Paraná Banco has offered more information regarding its forthcoming listing via local Bovespa exchange. Paraná is to join the growing list of mid-sized banks seeking to float their stock on Bovespa. The IPO, via UBS, will comprise a primary offering of 37.8m preferred shares with an expected price range of between BRL14 and BRL18 per share. Trading is expected to begin June 14. The consumer credit bank specialist will join Nossa Caixa and Banco Pine in its plans. The shares will be sold in Brazil and to qualified foreign investors under 144A rules used by the SEC.