Redecard Soars 27%

Brazil’s Redecard IPO surged 27% on its first day of trading with volumes that eclipsed other Brazilian bluechips, according to a Bradesco BBI report. While CVRD, Petrobras and Bradesco saw daily volumes at BRL425m, BRL398m, and BRL192m, trading activity for Redecard clocked in at BRL1.54bn, more than three times CVRD. Unibanco, Itaú BBA and Citi led Redecard.