Tegma and Cruzeiro do Sul bring R$ 1.5 billion more in IPOs

Practically at the same time as Logística Intermodal (Log-in), Tegma Gestão Logística will strengthen the team of a segment of Bovespa that has, up to now, been represented by a solitary América Latina Logística (ALL).The term for the booking of shares at the initial public offering (IPO) starts today and ends on January 28. Those who want to participate in Banco Cruzeiro do Sul, though, should hurry. Booking ends tomorrow. Together, the companies may raise up to R$1.5 billion in their IPOs.

With the initial sale of 20.2 million of common shares (ON, with voting right), Tegma will place 30% of its capital on the market, and may raise up to R$590 million, taking into account the price variation, from R$26.00 to R$32.00. 10% to 15% of the total amount of the offering will go to retail, for purchases of at least R$5 thousand. Business is scheduled to begin on February 3, on Novo Mercado.

Whereas Log-in’s IPO is attractive because the company is a subsidiary of Vale do Rio Doce, Tegma presents itself as the leading logistics provider in the transportation of zero-km vehicles, with 30% market share, catering for the country’s main auto makers. In the prospectus, it mentions General Motors, Volkswagen, Ford, Fiat, Toyota, Honda, Renault/Nissan, and BMW, which together were responsible for 94.1% of new vehicle sales in 2006. That means that the company’s operating revenues are concentrated on that type of service (96.6% in March).

With an annual operating cash generation of R$73.5 million, not all the money raised by Tegma will be allocated to the company’s cash position. Over half the offering is composed of securities belonging to partners who are individuals and to Coimex Trading, willing to reduce their interest in the business. The Company intends to use the R$265 million expected to be raised in the capital increase for updating its infrastructure and for acquisitions. Since 2001, the company has acquired Boni, CLI and P.D.I., and it may have to carry out new issues or raise its indebtedness in order to make other purchases.

Cruzeiro do Sul, in its turn, will expand the list of medium-sized banks on the stock exchange, with an offering of 36,140 million preferred shares (PN, with no voting right), evaluated between R$13.50 and R$17.50. The IPO follows its competitors’ recipe: in case the capital increase is not ratified by the Brazilian Central Bank (BC) up to settlement, the institution will deliver units, comprised of one preferred share and two subscription receipts. A portion of up to 20% of the securities will be allocated to retail, for purchases of at least R$3 thousand.

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