Ricardo Lacerda BR Partners CEO
(Ricardo Lacerda, CEO and founding partner of BR Partners Banco de Investimentos)

BR Partners makes third attempt to go public

The investment bank now believes the market is in a better place to welcome its offering.

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BR Partners, a leading independent investment bank in Brazil, on Tuesday (June 18) relaunched its initial public offering (IPO), after two frustrated attempts since September last year.

The Sao Paulo-based bank is planning to raise as much as BRL562 million ($111 million), according to a securities filing on Tuesday (June 15) and registered the share sale as a “restricted offering” for institutional investors under Brazil’s Rule 476.

The investment bank set the target price range between BRL16.00 to BRL19.00 per unit and plans to use the proceeds to expand in areas such as structured credit, capital markets, and sales and trading.

In September, BR Partners was planning an IPO of up 885.8 million reais on Brazil’s B3 exchange, but called it off reportedly due to market volatility.

BR Partners will now sell 22,750,000 new units, which are comprised of one common share and two preferred shares. Depending on demand, the bank may increase the offering by 30%, with both primary and secondary offerings.

BTG Pactual, Itau BBA and XP will manage the offering.

BR Partners was established in 2009 by Ricardo Lacerda and other executives with relevant experience in the Brazilian and international financial markets, in order to attend, without any conflicts of interests, the need of entrepreneurs and companies. It was initially focused on financial advisory operations, notably mergers, acquisitions, and fundraising, originating the Investment Banking area of BR Partners.

Between December 2009 and December 2010, the company and its subsidiaries raised approximately R$140 million in capital from relevant entrepreneurs and investors operating in different industries to increase its scope of action.

In June 2012, BR Partners obtained an authorization from the Brazilian Central Bank to acquire a license to operate as a financial institution and in the same year it formed BR Partners Gestão de Recursos Ltda and started its activities with the Investments area.

From 2013 to 2016, BR Partners Group’s interconnected and synergistic structure leveraged opportunities by enabling it to offer the cross-selling of products and services, adding significant value. Such opportunities assisted in the growth of Investment Banking, Sales & Trading, Capital Markets and Investments areas, making the company one of the most active independent players in the Brazilian financial services market.

Between 2017 and 2019, all areas of BR Partners maintained strong performance, despite the challenging Brazilian macroeconomic scenario, and achieved even greater progress in the financial products and services sector.

The company was recognized by Euromoney´s Best Bank for Advisory LatAm in 2016 and 2020.

Lacerda is the CEO and founding partner of BR Partners Banco de Investimentos since 2009. He was Head of Citigroup’s Investment Bank in Latin America (2007-2009) and Brazil (2005-2009). Previously, he worked at Goldman Sachs, where he held the positions of Chief Executive Officer in Brazil (2001-2005) and Vice President at Investment banking in New York (1996-2001).

He graduated in Business Administration (1990) and post graduated in Finance (1992) from Fundação Getúlio Vargas, and holds a Masters in Finance from Columbia University of New York (1996).