Four firms in e-commerce company Mosaico IPO

Milbank in New York and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo have helped Brazilian digital content and e-commerce company Mosaico launch an IPO worth 1.2 billion reais (US$218 million).

Milbank in New York and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo have helped Brazilian digital content and e-commerce company Mosaico launch an IPO worth 1.2 billion reais (US$218 million).

Two White & Case LLP offices and Trench Rossi Watanabe in São Paulo advised the underwriters. The deal closed on 11 February.

The transaction comprised 29,220,780 shares offered by Mosaico, and 32,142,862 shares offered by its shareholders.

The issuance priced at 19.80 reais (US$3.51) per share, which was at the top of the initial price range of between 15.40 reais (US$2.73) and 19.80 reais (US$3.51).

The shares were listed on the B3’s Novo Mercado (new market) segment, which has the highest corporate governance standards. Companies listed on the Novo Mercado generally have additional corporate governance practices beyond those required by Brazilian legislation.

Mosaico is based in Rio de Janeiro and invests in technology companies working with e-commerce and web searches. It has businesses such as game developer Gazeus, coupon provider Cuponeria and fintech entities Parcelex and Compara in its portfolio.

Multiple Brazilian IPOs have taken place since the start of 2021. The largest so far was that of the mining division of local steelmaker CSN, which raised US$968 million last month. Other recent offerings include Brazilian private education provider Cruzeiro do Sul Educacional’s US$228 million launch and that of electrical components retailer Intelbras, which raised US$210 million at the start of February.

Counsel to Mosaico

Milbank

Partner Tobias Stirnberg and associate Amanda Borges Trés in New York

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Partner Vanessa Fiusa and associates Pedro Longhi, Henrique Ferreira Antunes, Felipe Augusto Madruga de Sousa and Vivian Hatushikano in São Paulo

Counsel to Banco BTG Pactual, Banco Itaú BBA, Goldman Sachs do Brasil Banco Múltiplo, XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários and Banco JP Morgan

White & Case LLP

Partners John Anderson and John Guzman in São Paulo, and associate Alfredo Hwang in Washington, DC

Trench Rossi Watanabe

Partner Daniel de Miranda Facó and associates Paula Senna Ganem and Carolin Brew in São Paulo


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