Machado Meyer Advogados in São Paulo has helped online bank Banco Intermedium raise 722 million reais (US$208 million) in the first IPO made by a Brazilian retail bank in a decade.
Latin Lawyer understands White & Case LLP helped Intermedium too, but this could not be confirmed prior to publication.
The placement agents relied on Mayer Brown LLP in New York and Chicago, Pinheiro Neto Advogados in São Paulo and Tauil & Chequer Advogados in association with Mayer Brown in São Paulo. The deal closed on 26 April.
The shares priced at 18.5 reais (US5.8) each, near the bottom of the suggested price range of 18 reais (US5.1) to 23 reais (US$6.6).
The bank is a small mortgage lender that has reinvented itself as a solely online bank, betting on technology to challenge the big market players. The country's four largest banks Itaú, Banco do Brasil, Banco Bradesco and Caixa Economica Federal hold almost 79% of all outstanding loans in Brazil.
Last time a wave of Brazilian small to mid-sized banks went public, 10 years ago, several ended up delisting themselves due to weak results.
Brazil has seen various IPOs since the start of the year. Healthcare services company Notre Dame intermédica raised US$673 million in April, and counterpart Hapvida raised US$851 million the week before. In January, PagSeguro became the first Brazilian fintech company to make an international IPO, raising US$2.6 billion on the New York Stock Exchange.
Counsel to Banco Intermedium
Machado Meyer Advogados
Partners Eduardo Castro and Gustavo Rugiani Do Couto E Silva, and associates Arthur De Oliveira Cunha Miranda, Paulo Estevao Henriques Carneiro De Miranda, Thais De Gobbi and Wagner Eustaquio Duarte Junior in São Paulo
Counsel to Bradesco Securities, Citigroup, Morgan Stanley, Banco do Brasil Securities and Nomura Securities International, Banco Bradesco, Citigroup Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários, Banco Morgan Stanley and BB-Banco de Investimento
Mayer Brown LLP
Partner David Bakst and associates Milena Muradian and Sydney Fields in New York and associate Juan Pablo Moreno in Chicago
Pinheiro Neto Advogados
Partners José Luiz Homem de Mello and Guilherme Sampaio Monteiro, and associates Tatiana Mello Guazzelli and Julia Barbosa Campos in São Paulo
Tauil & Chequer Advogados in association with Mayer Brown
Partners Carlos Motta, Paula Magalhães and Caio Cossermelli, and associate Luiz Eustaquio in São Paulo