Reuters: Deals: BTG Pactual seeks to raise $2.2 billion in Brazil IPO

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BTG Pactual seeks to raise $2.2 billion in Brazil IPO Apr 3rd 2012, 11:22 By Guillermo Parra-Bernal Tue Apr 3, 2012 7:22am EDT (Reuters) - Brazil's BTG Pactual and shareholders will seek to raise up to 4.1 billion reais ($2.2 billion) in a local share offering that may price the investment banking powerhouse controlled by billionaire André Esteves into one of the world's most valuable banks. The initial public offering will be the first by an investment bank based in Brazil, an emerging market power whose financial industry is booming. While local IPOs have struggled with recent market turmoil, the BTG Pactual transaction may give investors the chance to buy into a fast-growing firm with aspirations of rivaling global giants like Goldman Sachs Group Inc (GS.N). São Paulo-based BTG Pactual will offer 72 million units, consisting of one common share and one Class A preferred share issued by Brazil-based holding company Banco BTG Pactual SA, according to a prospectus published early on Tuesday. The offering will be aimed at retail investors and will give all buyers the same rights, the prospectus added. Shareholders including Delaware-based Marais LLC, Exor SA and Europa Lux III of Luxembourg will divest as many as 18 million units. The bank suggested a price tag of between 28.75 reais and 33.75 reais per unit for the transaction. Supplementary and additional lots could increase the offering by as many as 31.5 million units. A sale of global depositary units in Amsterdam will take place simultaneously with the Brazil IPO. Since it was formed in 2009, BTG Pactual has been on a dealmaking frenzy in Brazil and abroad as Esteves, the bank's 43-year-old chief executive and majority partner, tries to make it the largest investment bank in emerging markets by the end of the decade. BTG Pactual and Esteves himself have become symbols of Brazil's growing economic might, competing neck and neck with global investment banks in a region with bustling capital markets and surging demand for wealth management services. The offering is expected to price by April 24, according to the prospectus. BTG Pactual units are scheduled to begin trading in São Paulo's Bovespa stock exchange on April 26 under the symbol "BBTG11." Banco BTG Pactual will be the holding company listed in Brazil, while BTG Pactual Participations Ltd will do the same overseas. BTG Pactual's own investment banking unit will handle the transaction, along with Banco Bradesco (BBDC4.SA), Goldman Sachs and JPMorgan Chase & Co (JPM.N). (Reporting by Guillermo Parra-Bernal in Sao Paulo; Editing by Lisa Von Ahn) Link this Share this Digg this Email Reprints

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