BR Partners to make restricted unit share offering that could raise US$102 million

RIO DE JANEIRO, BRAZIL – BR Partners (BRBI11), which relaunched its IPO process in January this year, announced that it has been approved to sell new units, representing one common share and two preferred shares each.

BR Partners’ unit offering will be restricted, that is, only professional investors holding R$10 (US$1.9) million invested are eligible to participate, as ratified at the company’s extraordinary general meeting on June 14.

The offering will initially sell 22,750,000 units (22,750,000 new common shares and 45,500,000 new preferred shares), which may have an additional lot, and in secondary form – securities held by selling shareholders – 3,050,000 units belonging to investment funds BrapInvest and BrapInvest IV.

BR Partners has engaged BTG Pactual (BPAC11) as the offering’s lead coordinator offering, which will also be advised by XP Investimentos.

Read also: Brazil’s BR Partners Investment Bank Will Resume IPO Plans, CEO Says

The price per unit will be defined on June 17, with the conclusion of the bookbuilding process (collection of purchase intentions from investors).

Considering the indicative range, between R$16 and R$19 per unit, BR Partners’ offer could raise R$517,562,500.00 with the placement of all the additional units and the supplementary units, at the average price of R$17.50 per unit per base.

According to the announced schedule, the beginning of trading of BR Partners’ units on the B3 (B3SA3) will occur on June 21.

According to BR Partners, which has been operating as an investment bank since 2013, the funds raised with the primary offering of units will be used to expand the business in the Structured Credit and Capital Markets and Sales & Trading areas.