Rossi Updates Follow-On

Brazilian homebuilder Rossi Residencial is moving ahead with plans to issue equity. The company expects to issue 55m shares at an estimated average price of around BRL12.12, according to its most recent filing. The company is only the latest in a string of homebuilders targeting the follow-on market. Multiplan, Brookfield, PDG Realty and Direcional are also in the pipeline hoping to tap in the coming weeks, which should make for a crowded environment for the sector. Credit Suisse is leading Rossi’s planned deal.