人们需要在招股说明书发布后做仔细的检查,不仅要查看增长前景和战略部分一些资金将会投向亚洲市场,从该地区与拉丁美洲的经济联系中获益还要关注报告中关于保证少数股东权利的部分。百达准备发行无投票权和有投票权的两种股票,这种做法在近年来的巴西市场上少有公司为之。圣保罗市Insper商学院的里卡多阿尔梅达说,百达的合伙人们显然对即将出售的股份规模以及维持公司控制权的重要性有着清醒的认识。
BTG s listing will also be watched for signs of a revival in Brazil s moribund IPO market. In2006 and 2007 companies listed at frothy prices almost weekly, but the most recent IPO waslast July, since when a dozen or so planned deals have been postponed or dropped asrisk-averse foreign buyers hang on to cash and sellers hold out for higher prices. The sense ofurgency is now palpable, says Paulo Sergio Dortas of Ernst Young, an accountingfirm: companies know they cannot keep growing without cash. At least 40 are thought to beready to list if the mood changes. Few will have a story to match BTG sand as Brazil sbiggest dealmaker, it will stand ready to profit when they finally do follow suit.
此次百达上市也可视作是巴西停滞不前的IPO市场开始复苏的迹象。2006至2007年间,几乎每周都有公司以虚高的发行价上市。但自去年7月份最后一起IPO以来,大约有十二家左右的公司推迟或者放弃了IPO,原因是厌恶风险的外国买家暂停了购买,与此同时卖方则坚持非高价不出售。安永会计师事务所的保罗塞尔吉奥多塔斯说,现在人们终于感觉到紧迫性了:没有资金,公司难以发展。至少有40家公司被认为已做好了上市的准备,只待市场转好。百达的经历不可复制作为巴西最大的证券交易商,它时刻准备从那些紧随它之后上市的公司身上获利。
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