Category: Equity

Brazilian financial group Brascan is to launch an IPO via Bovespa’s new market. Credit Suisse and UBS are coordinating the sale. Grupo Brascan owns a bank, an insurance brokerage company and has holdings in agribusiness, forestry, mining, energy, construction, and real estate.

Suez Energy Andino, the Chilean subsidiary of French utilities group Suez, is to offer the remaining stock that it holds in local power company Colbún on the Santiago Stock Exchange. Last week Suez sold a 9.5% stake in Colbún to industrial conglomerate Grupo Angelini for almost $223 million; it holds a further 9.5% of the company’s stock.

Mexico’s second-largest cable company Cablemás cancelled its IPO after failing to get investors interested at the right price, according to the company. The rise in US interest rates last week put a dampener on emerging markets and saw stock markets throughout Latin America take a tumble. Cablemás had been hoping to raise over $200 million from the offering.

Brazilian sugar-cane processor and ethanol producer Cosan is likely to issue ADRs on the New York Stock Exchange within the next 18-24 months, says the company. Surging international oil prices have boosted the demand for ethanol, the sugar-based alternative energy source widely used in Brazil, and has encouraged the company to push forward with expansion plans. Cosan raised $450 million at the beginning of the year via the sale of perpetual bonds.

Peruvian electricity distributor Edelnor is to sell three- and seven-year local-currency bonds worth $4.6 million (15 million soles) via the Lima Stock Exchange today, Friday. The offering was structured by Banco Continental.

Brazilian low-cost airline Gol is to sell $12.5 million of preferred shares in the form of ADS on the New York Stock Exchange as well as in Brazil. The share sale will comprise $2.5 million via a primary offering and $10 million via a secondary offering. As well as the share offering, Gol will be also be hoping to place $115 million of 20-year convertible bonds.

The stock exchanges of Brazil (Bovespa) and Mexico (BMV) say they hope to complete integration by next summer to allow investors in both countries to buy stocks listed on either exchange, instead of via New York. The first stage of the plan to integrate the exchanges was agreed last November. In time, the hope is to extend integration to include other markets in Latin America and ultimately create a regional capital market.

Brazil’s largest fixed-line telecoms operator, Telemar, has filed with the US Securities and Exchange Commission (SEC) to launch an IPO for up to $997.5 million of common shares in the form of ADS. The IPO is part of a restructuring plan in which Tele Norte Leste Participacoes’ shareholders will exchange their stock for Telemar’s newly issued common shares, making Tele Norte Leste part of Telemar.

Mexican home appliance retailer Grupo Famsa is to launch a global IPO, representing around 33% of its capital, via the Mexican Stock Exchange. The IPO, which Famsa hopes will raise $230 million, will comprise $160 million of a primary share offering and $80 million of a secondary share offering. The money raised will be used to pay down debt and fund expansion. The issue is being jointly coordinated by BBVA Bancomer and Credit Suisse.

Argentine electricity distributor Edenor is preparing to list on the New York and Buenos Aires Stock Exchanges. The public offering of shares will be used to finance the company’s investment plans to improve services and meet increasing demand over the next five years. The amount of stock to be sold has not yet been announced. In February, the company completed a debt swap program with its creditors.