Brazilian Developer to IPO

Developer Summer Brasil Turismo has filed for an IPO in Sao Paulo. The dates of the process and amount of shares to be sold on the Bovespa’s Novo Mercado have not yet been set. Summer plans to use proceeds to purchase land and develop real estate projects, mostly in Brazil’s northeast. Founded last year, the Sao Paulo-based company specializes in tourism-oriented real estate projects, including vacation homes and hotels. UBS Pactual will manage the sale.