Two Milbank offices and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo have helped Brazilian lorry rental company Vamos launch an IPO on the B3 stock exchange worth 1.1 billion reais (US$221 million).
White & Case LLP advised the underwriters. Pinheiro Neto Advogados is understood to have also helped the underwriters, but this could not be confirmed by Latin Lawyer prior to publication.
The deal closed on 1 February.
The offering priced at 26 reais (US$4.84) per share, which was at the higher end of the indicative range between 21.92 reais (US$4.08) and 28.50 reais (US$5.31).
Vamos will use the majority of the proceeds - 890 million reais (US$166 million) - to finance leasing costs of trucks, machinery and equipment. The remaining 296 million reais (US$55 million) goes to existing shareholder Simpar, a Brazilian logistics group.
The company intended to launch an IPO in March 2020, in which it aimed to raise up to 1.5 billion reais (US$326 million), but plans were put on hold due to the covid-19 pandemic.
Several Brazilian IPOs have taken place since the beginning of 2021. Focus Energia raised US$165 million in an offering earlier this month to fund the construction of solar projects, while Brazilian electrical components retailer Intelbras launched a US$210 million initial public offering too. Beauty services company Espaçolaser and asset manager Vinci Partners also went public earlier this month. Private equity investor Patria raised US$588 million in an offering that priced 17% above its target value in January. That deal is also the biggest Brazilian IPO so far in 2021.
Counsel to Vamos Locação de Caminhões, Máquinas e Equipamentos
- Milbank: Partner Tobias Stirnberg and associates Alexia Raad and Mateus Costa-Ribeiro in São Paulo, and partners Andrew Walker and Catherine Leef Martin, and associate David Hanno in New York
- Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados: Partner Marcel Arakawa and associates Pedro Henrique Vega Longhi and Yasmin Karam Tomaino in São Paulo
Counsel to Banco BTG Pactual, XP Investimentos Corretora De Cambio, Titulos E Valores Mobiliarios, Banco Itaú BBA, Banco Bradesco BBI, Banco JP Morgan and UBS Brasil Corretora de Câmbio Títulos e Valores Mobiliários
- White & Case LLP: Partners Don Baker and John Guzman, and associate Beatriz Barros in São Paulo
- Machado Meyer Advogados: Partners Eliana Chimenti, Gustavo Rebello and Alessandra de Souza Pinto and lawyers Guilherme Guimarães Longo Talavera and Renata Augusto Passos in São Paulo
Practice area: Capital markets
Country: International, Brazil
Jornalista: HARDY, Eloise
(Latin Lawyer - 16.02.2021)