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Brazil's Banco BMG evaluates preferred shares IPO

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Brazil's Banco BMG evaluates preferred shares IPO

Brazil's Banco BMG SA said it is considering hiring local and international investment banks to coordinate a potential initial public offering of preferred shares.

The company has continued to evaluate alternatives to raise funds through the capital market since it withdrew from a planned IPO earlier in 2019, according to a press release.

However, the bank noted that any new offering would be subject to corporate approval and market conditions, adding that a final decision has not been reached yet.

According to previous media reports, Banco BMG considered going public in 2007 and 2010, but did not reach the point of hiring coordinators on either of those occasions.

More recently, the company was looking to raise between 1.50 billion reais and 2.00 billion reais through an IPO planned for December 2018. The bank set an indicative price range of between 11 reais and 14 reais per share, but it suspended the IPO after demand fell short of expectations.

As of Aug. 27, US$1 was equivalent to 4.18 Brazilian reais.