Brazil’s Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados and Davis Polk & Wardwell in the US have steered Brazilian gas and oil company OGX’s record-breaking IPO.
In the wake of Brazil’s recent oil discoveries, the newcomer to the market raised US$4.1 billion on São Paulo’s stock exchange, Bovespa, in a two-stage IPO last week - the largest flotation ever in Brazil.

The underwriters, Credit Suisse, UBS and ItauBBA, were assisted by Machado, Meyer, Sendacz e Opice Advogados in Brazil, while White & Case LLP provided US advice.

OGX was set up in 2007 by Brazilian billionaire Eike Batista, who also owns Brazil’s leading mining company, MMX. While it has yet to begin producing oil, OGX created a stir last year when it successfully bid more than US$1 billion at an auction in November for drilling rights to 21 offshore blocks, outstripping major oil companies including the country’s state-owned Petrobras.

The following month, OGX went on to raise US$2.3 billion in a private share placement, the largest private placement ever made by a Brazilian company. Latin Lawyer covered that transaction here.

Bovespa Holding was Brazil’s former record holder, having raised US$4.5 billion in September 2007.

The first part of OGX’s offering raised US$3.6 billion on Wednesday 10 June, before additional share sales the next day clinched its lead. Batista has said that demand for the offering reached US$30 billion.

Counsel to OGX

- In-house counsel: Lucas Quevedo

- Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

            Partner: Carlos Barbosa Mello

- Davis Polk & Wardwell

            Partner: Manuel Garciadiaz

Counsel to the banks

- Machado, Meyer, Sendacz e Opice Advogados

           Partner: Daniel de Miranda Facó

- White & Case LLP

           Partner: Donald E Baker

 (Latin Lawyer 17.06.2008)