Small Medical Lab Takes Stab at IPO

Grupo Fleury, the Brazilian medical lab and diagnostics company, hopes to bring an IPO this year. The company filed a preliminary prospectus with the CVM late Monday, indicating Bradesco BBI is leading the deal, with Morgan Stanley and JPMorgan as joint leads. The deal’s timeline and pricing have yet to be made available in the prospectus. At first blush, it appears the company is targeting a small offering. Net income for 2008 stood at only BRL38m in the first 3 quarters of 2008, but the company made BRL64m in corresponding period of 2009. As far as earnings are concerned, the company says Ebitda between January and September 30 stood at BRL137m, and negative BRL137m on an adjusted basis.