Brazil has ended a nearly five-year drought in initial public offerings, as foreign investors drive an equities rally in Latin America’s largest economy fuelled by high oil prices due to the Iran war.
Owners of gas and energy company Compass sold R$3.2bn ($655mn) of shares on the São Paulo stock exchange on Thursday, in the market’s first new listing since September 2021.
The long-awaited flotation followed a 15 per cent rise in Brazil’s Bovespa index this year in local currency terms, ranking it among the best performances by emerging markets globally.
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