ABC Brasil Raises BRL609m

The Brazil unit of Arab Banking Corporation (ABC Brasil) has become one of only a few foreign-controlled companies to raise funds via an IPO on the Bovespa. It picked up BRL609m ($330m) from the sale of 45.1m preferred shares, with 44.4m via a primary offering and 700,000 through a secondary offer priced at BRL13.50 per share, in line with the bank’s initial guide of between BRL11.50 and BRL15.50. UBS led. ABC follows Banco Patagonia of Argentina, which last week listed its shares on the Bovespa. Its IPO earned the company BRL483.8m (US$260m).