Two Brazil IPOs Expected Today

BicBanco and Construtora Tenda are slated to bring IPOs today, according to Dealogic. BicBanco has set a range of BRL11.00-BRL14.50 for its sale of 71.4m shares, which, at the midpoint, means it could raise $485m. BicBanco would be only the latest of a string of mid-sized banks to come to market in Brazil this year, and investors are expected be particularly choosy with these and IPOs from real estate developers. BBI is leading. Construtora Tenda, a real estate developer, is eyeing a BRL9.00-BRL12.00 offering of 77m shares, which could leave it with $439m after the offering. Itaú BBA and Credit Suisse are the leads.