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Hopes for some positive momentum in Brazil’s equity market have been shaken after local travel outfit CVC Brasil Operadora e Agencia de Viagens on Thursday priced its R$621m (US$265m) IPO at R$16 per share, R$2 below the bottom of ts indicative range of R$18–R$22.
While fellow Andean nations Colombia and Chile keep expanding in the equity capital markets, Peru continues to lag behind in terms of deal size and volume. There
A remarkable 88% of all IPOs from Latin America in the past five years have priced in the bottom half of the price range or lower, providing a stark illustration of how overly ambitious valuations are on new issues. In that time just one IPO has priced above its range: that of McDonald’s subsidiary Arcos Dorados. It priced at US$17 per share, above a range of US$13–$15, and spiked 24% in the first day of trading.
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- Bolivia brings 10-year in tough market
- Mexico takes the ECM lead