Brazilian Real Estate Cos Join The Crowd

Two more Brazilian real estate firms have joined the burgeoning ranks of those in their sector to issue IPOs on Bovespa. Camargo Correa Desenvolvimento Imobiliário, the real-estate unit of local conglomerate Camargo Correa priced its IPO at 14.50 reais ($6.8) per share, midway between the expected range, to raise around $244 million. The company is selling 36 million common shares, in Brazil and abroad under 144A rules. Credit Suisse is leading. And Rodobens Negócios Imobiliários is selling 20 million shares at 19.50 reais ($9.13) to raise $183 million. JP Morgan is coordinating. Shares of both companies will begin trading today, January 31. Last week, PDG Realty debuted on the Exchange, bringing in $295 million via its IPO.