Latin America’s IPO Boom

The $950 million IPO of retailer Sanborns was the largest in Mexico and second-largest in Latin America this year. (Photo: Grupo Carso)

IPO advisers: Roderick Branch at Latham & Watkins and Antonia Stolper at Shearman & Sterling. Juan Pablo Cappello from Greenberg Traurig expects several mega-IPOs this year.

Latin American IPOs could raise more than $20 billion this year.


Despite the decision by Brazilian cement maker Votorantim Cimentos to suspend its planned IPO, Latin America is seeing a record number of other offerings. So far this year, the region has seen IPOs worth more than $10.9 billion, with another $3.6 billion in IPOs coming up, according to a Latinvex analysis. And that number excludes the potential $7 billion Telefonica Latin America IPO. 

“2013 will be remembered as a very good year for the IPO market in LatAm,” says Juan Pablo Cappello, a shareholder at Greenberg Traurig who has advised on several Latin American IPOs. “That said there are some wild cards that could make 2013 an amazing year.  First, Telefonica’splanned LatAm IPO, which was recently put on hold but could relaunch at any point.  Second, two IPOs that could come out of Mexico, each of which could be very large.

Latin American IPOs this year include the $5.7 billion share sale of BB Seguridade, the insurance unit of Brazilian bank Banco do Brasil, in what became the world's largest IPO so far.  

At the end of April, Latin America only lagged North America in global IPO share, according to Renaissance Capital.


Brazil leads in IPO value in Latin American this year, even though it ....

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Keywords: Brazil, Chile, Cleary Gottlieb, Colombia, Davis Polk, DLA Piper, Greenberg Traurig, Latham & Watkins, Mattos Filho, Mexico, Peru, Shearman & Sterling, Simpson Thacher, Quiroga Advogados, White & Case

Latin American IPOs (completed and coming up)