oct.01.2009 - Brazil IPOs to Double Next Year
Oct. 1 (Bloomberg) -- Brazil's initial public offerings may double next year as the stock market extends its best rally in six years and growth in Latin America's largest economy accelerates, according to Bank of America Corp.
"I'd imagine the number of transactions on the IPO side to increase very meaningfully next year," Sebastien Chatel, head of Latin America Equity Capital Markets for Bank of America's Merrill Lynch & Co. unit, said in a telephone interview from New York. "I don't see any reason why that couldn't double."
Two companies have gone public this year in Brazil, three have filed to sell shares for the first time and several more may be planning sales, according to Chatel. While the number of IPOs in 2010 will be higher than this year's total, they will likely be smaller in size, he said.
The Bovespa index has surged 64 percent this year, spurred by cuts in interest rates to record lows, as the economy rebounded from its first recession since 2003. Economists expect growth to accelerate 4.5 percent next year, according to a central bank survey of about 100 analysts published this week.
Next year's offerings will likely come from industries that benefit from growth in the domestic economy such as banking, retail and consumer goods, Chatel said.
The number of IPOs in Brazil plunged to four last year from the 64 companies that raised 60.5 billion reais ($37 billion) in 2007 as the global financial crisis sent the benchmark index down 41 percent and reduced investors' appetite for riskier emerging-market assets.
'Appetite for IPOs'
Cia. Brasileira de Meios de Pagamento, the payment- processing company known as VisaNet, raised 8.4 billion reais in June, the biggest IPO in Brazil this year. Spanish lender Banco Santander SA's Brazil unit aims to raise to raise as much as 13.1 billion reais by selling shares next week. Merrill Lynch will help manage the sale with Credit Suisse Group AG, Santander and Banco BTG.
VisaNet's shares have gained 17 percent since June. Another IPO, Tivit Terceirizacao de Tecnologia Servicos SA has fallen 13 percent since the computer-services company started trading on Sept. 29.
"There's appetite for IPOs but if they're not big benchmark transactions they need to be very well thought out because investors are still very focused in liquidity," Chatel said.
Real estate developer Direcional Engenharia SA, Brazilian clearing house Cetip SA - Balcao Organizado de Ativos & Derivativos have also filed to sell shares for the first time in Brazil this year.
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