RIO DE JANEIRO, BRAZIL – ClearSale shares debut in B3 this Friday, the 30th, after being priced at the high end of the indicative range, suggesting investor appetite for new stories unabated.
This year, R$56.26 (about US$11) billion has already been moved through IPOs, according to securities regulator CVM. However, the figure is even higher when including offerings conducted with limited effort and aimed at a small number of professional investors.
In July alone, IPOs turned over R$13 billion. The size of the offering is about four times the net revenues of equity funds, which totaled R$3.2 billion through Thursday, July 29, according to Anbima.
According to Bruno Lima, senior equity analyst at BTG Pactual Digital, this imbalance impacts the market. “Every new IPO competes with existing investments. If a manager wants to invest in a new company, he has to sell what he has,” Lima said at Friday’s market opening. In this dilemma, he says, stocks with less market conviction suffer the most.
“That one goes to the front of the line of job cuts.” A clear case in point, the analyst says, is the performance of Americanas stock (AMER3, ex-B2W), which posted losses of more than 60% in July.
Following a restructuring of the company with Lojas Americanas (LAME4), which now functions only as an investment vehicle, Americanas shares posted the largest depreciation of the year among Ibovespa components, down 71%.
“The results should not be bad. But the market wants more clarity on the restructuring of the company and possible synergies,” the analyst said.