Brazil Developer Files Equity Follow-On

Multiplan, a Sao Paulo-based real estate developer, has filed to issue around BRL650m on the Bovespa. The deal would represent around 18% of the company’s market cap, which stood at BRL3.68bn yesterday. Multiplan is the fourth prospective issuer to file for a Bovespa offering in the past month. Santander, Tivit and Gol have also begun readying offerings that could start pricing in September. Tivit, Gol and Multiplan plan deals sized well under BRL1bn, which indicates the market may be opening up to slightly smaller issues from less familiar names. Other recent sales in that size range in the real estate related sector include BR Malls and MRV. Gafisa shelved plans to do a similarly sized deal when its stock price dropped. UBS Pactual, Credit Suisse and Morgan Stanley are leading the Multiplan deal.