Santander Raises $8.05 Billion in Record Brazil IPO
Spanish financial giant Banco Santander SA has raised $8.1 billion with an IPO (initial public offer) of shares in its Brazilian subsidiary, the largest IPO in the world this year.
Banco Santander’s Brazilian unit raised 14.1 billion reais ($8.05 billion) in Brazil and it was the largest IPO on a USA exchange in last 18 months. It was the issue of 600 million shares at a price of 23.5 reais each.
As the size (600 million shares) of the issue is too large, so there is no chance of first day jump for the IPO, most people that wanted the stock, got the stock.
Looking at the long term prospects for Santander, which are very bright even considering short term challenges, the shares are fairly valued where they are, most of the analysts feel.
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