El Banco Santander Brazil today staged the opening ceremony of its trading at the New York Stock Exchange (NYSE) coinciding with the start of trading of its shares in this market and also in the Bag Sao Paulo. This is the world's largest IPO so far in 2009.
The Brazilian subsidiary of the Santander Group has achieved 14,100 million reals (U.S. $ 8.047 million) from the sale of 600 million shares "units." The Banco Santander Brazil's IPO is the largest in the history of the Sao Paulo stock exchange and the largest in the world so far this year, according to U.S. media have highlighted.
Shares of Banco Santander Brasil, which are traded on the New York under the symbol "BSBR" were changed to $ 13.09 shortly after the session started at $ 13.30. The initial public offering price was $13.40, and continued to decline from there, trading recently at $13 a share. A total of 600 million units, 75 million more than originally planned, were sold at the midpoint of its expected price range, resports WSJ.
The executive vice president of the Brazilian entity, Jose de Menezes Berenguer and other guests, in company with the CEO of the NYSE, Duncan Niederauer, took the stand who chairs the park NYSE and marked the beginning of engagements with the traditional bell.
Recently the Brazilian market is considered a potential growth opportunity. This has made the market very competitive for the banks in Brazil.
Written by Armen Hareyan
Materials from Marketwatch, Terra and WSJ are used in this report.
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