Biotoscana delays Brazil IPO
Uruguayan pharma company plans to price its share sale on Friday
Biotoscana plans to hold its IPO on Friday, three
days later than originally scheduled after
Brazil’s securities regulator CVM asked to review
changes to the company’s balance sheet.
The pharmaceuticals company is understood to have
already obtained an oversubscribed order book despite the
delay, according to two ECM bankers.
"The books are in fine shape," one banker familiar
with the deal said.
Biotoscana’s IPO is timed to price
the same week as a
number of other equity offerings from Brazil, Mexico and
The firm is offering 16m shares in a primary
offering, while private equity fund Advent International is
selling at least 24.5m shares in a secondary portion. The
shares will trade on the BM&FBovespa Stock Exchange in Sao
Bookrunners BTG Pactual, Itau BBA and JPMorgan set
price range between BRL24.5 and BRL28.5 earlier this