Auto Loan Specialist Files for IPO

GRV Solutions, a Brazilian provider of credit management and processing services, has filed to go public on the Bovespa. A preliminary prospectus filed with the CVM offers few details on the company’s size or dimensions of its offer. A 2009 consolidated pro-forma estimate of its Ebitda, which includes earnings from a December 2009 acquisition of auto insurance service provider Sascar, adds up to BRL133m. Half the proceeds of the offering are geared towards acquisitions, says the company. GRV services financial institutions, including insurance companies, risk managers and automobile concessionaires through various subsidiaries. Much of GRV’s business is geared toward auto financing, and the 12-year old firm is apparently looking to capitalize on a surge in income and auto sales, particularly to the lower and middle earning classes. JPMorgan, Credit Suisse and Itau BBA have been hired to lead the transaction.