Multiplus Builds an Equity Book

Brazil’s Multiplus is scheduled to price its IPO today after the close. The book is heard already 75% filled at the lower half of the BRL18.00-BRL24.00 range, according to one investor who says he is interested in participating. If all of the base offering shares and optional units are priced at the midpoint, the deal could be worth BRL1.25bn. The buysider says he expects the deal to generate substantial interest, albeit potentially below the midpoint, and should result in a handy sum of proceeds for selling shareholder TAM. TAM, meanwhile, is rumored to be eyeing a stake in Chile’s LAN. Chile’s new president Pinera is heard divesting his 26% share and TAM is rumored to be seeking a third of that piece, equivalent to roughly 8% of the company. BTG Pactual and Credit Suisse are leading Multiplus’ IPO, which will provide an important data point for other IPO hopefuls.