Cetip, Brazil’s clearing house for
over-the-counter financial instruments, has revived its plan to
sell up to 50% of its capital in an initial public offering.
The sale might raise R$3bn-R$4bn ($1.6bn-$2.1bn), the
newspaper O Estado de S Paulo reported, adding that the IPO
might be Brazil’s second biggest in 2009.
Cetip declined to comment.
The firm first planned to float in 2007 after the IPOs of
BM&F and Bovespa, Brazil’s two main stock and
derivatives markets, but postponed its plans due to the
At least part of the IPO is expected to be a secondary
offering, in which existing shareholders would sell shares. It
is not clear if Cetip is contemplating issuing any new
The firm demutualised in June 2008, and became a
profit-making company, owned by a group of banks, funds and
In May this year, private equity firm Advent International
bought a 30% stake in Cetip for around R$360m ($171m in May).
If Advent participated in the sale, it could make a substantial
profit on its investment, O Estado reported.
Cetip is Brazil’s central securities depository
and the derivatives registrar for operations carried out in OTC
markets. All OTC derivative transactions in Brazil have to be
registered at a depository.
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