Equity issuance in Brazil has begun what looks like a robust recovery. But the decision for Brazilian companies to go public is complex and not always straightforward. Our Panel at Nasdaq explored the IPO process, different aspects of what goes into the decision to go public including the business environment, and differences between Brazilian and international offerings. Legal issues figure importantly, especially concerning current and possible changes to regulation and adapting corporate governance to become a public company. Once the company decides to go ahead, the panel looked at next steps during the preparation of the IPO and feedback from investors. Finally, the panel looked at IPO activity in 2019 and offered expectations for 2020, addressed what portfolio managers are looking for in terms of issuance, and discussed the current environment for start-ups in Brazil and the potential for creating new public companies.
Bob McCooey, Senior Vice President, Global Capital Markets, Nasdaq
Francesca L. Odell, Partner, Cleary Gottlieb Steen and Hamilton LLP
Steve Stout, Founding and Managing Partner, Proton Partners
Matias Santa Cruz, Managing Director, Equity Capital Markets, Bank of America Merrill Lynch
Vanessa Fiusa, Partner, Mattos Filho
Bruno Ramos de Sousa, Partner & Head of Legal and Compliance, Hashdex