Brazil share sales 'to be highest since 2007'
Date added: 18th July, 2011 at 10:22
(view all articles from July, 2011)
Categories: Economy
Share sales in Brazil are set to reach a high not seen since 2007 as growing numbers of firms look to raise capital, the leading underwriter for the country has predicted.
Infrastructure, retail and commodities companies are all looking to carry out further investment in Brazil and as a result will be seeking to raise funds through stock markets, according to Banco Itau BBA.
Speaking to Bloomberg, managing director of investment banking at Banco Itau BBA Fernando Lunes said the country is "heading towards much better conditions and more share offerings" than in recent years.
"We'll see some large companies or large deals going to the market. A lot of the Brazilian companies need access to capital," he added.
Investment is set to come from overseas as well as domestic businesses, as the Financial Times recently reported that international firms will have access to $11 billion (£6.8 billion) to spend in the country by the end of this year.
Mr Lunes made the prediction despite Bloomberg research indicating seven of the ten companies that have held initial public offerings in Brazil this year sold shares at the bottom end of price ranges.
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