Brazilian Companies Keep Them Coming

Brazilian companies were busy at the end of last week, raising over BRL2bn ($1bn) between them from IPOs. Real estate company MRV Engenharia, bagged BRL1.06bn from the sale of 40.8m shares at BRL26 apiece, at the top of the price guide. UBS led. Kroton Educacional, a privately held school operator, sold 10.6m shares at BRL39 via Morgan Stanley and Merrill Lynch to raise $416m. Triunfo Participacoes & Investimentos, a highway and harbor operator brought in BRL513m by selling 54m shares at BRL9.5 each via Credit Suisse. Textile manufacturer Cia Hering, meanwhile, sold 28.3m shares at BRL11.00 for BRL312m. Banco Itaú led. So far this year, Brazilian companies have already surpassed the total raised via share offerings on Bovespa last year: 39 companies have raised BRL36.4bn against BRL31.3bn from 26 IPOs last year.