Biotoscana delays Brazil IPO

Biotoscana delays Brazil IPO

Brazil Equity

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 Argentina.

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 Paulo.

Bookrunners BTG Pactual, Itau BBA and JPMorgan set a suggested price range between BRL24.5 and BRL28.5 earlier this month.