Brazil's IRB reportedly planning IPO for July

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Tuesday, May 16, 2017

Brazilian reinsurance company IRB Brasil is planning to hold an IPO in July and raise 3.5bn reais (US$1.12bn), reported the local newspaper O Estado de S. Paulo.

IRB is Brazil's largest reinsurer and its main shareholders are the government (27%), Bradesco Seguros (20.4%), BB Seguros (20.4%) and Itaú Seguros (15%).

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The paper did not say where it obtained the information and IRB declined to comment on the report when contacted by BNamericas.

The IRB shareholders planned an IPO in 2015 and then in 2016, but suspended the plan, due to adverse capital market conditions.

The renewed IPO plan comes amid expectations that Brazil's economy, which has been in a deep recession for the past two years, is about to recover.