Bank of America officials told reporters on Tuesday that they anticipate at least 10 initial public offerings from Brazilian companies in 2027. The bank said these listings are expected to occur both in Brazil and on U.S. exchanges.
According to Bruno Saraiva, BofAs co-head of Investment Banking Brazil and head of Equity Capital Markets Latin America, deals should start at about $500 million in size. Saraiva said that level is needed to draw investor interest and to ensure adequate trading liquidity for new issuances.
The remarks come after Compass Gas e Energia completed an IPO earlier this month, which brought to an end what had been nearly a five-year drought in new listings on Brazils B3 stock exchange. While local equity issuance had been sparse, the bank noted that several Brazilian companies have nevertheless accessed U.S. markets; the report cited digital bank PicPay and fintech Agibank as examples of firms that listed shares on U.S. exchanges.
The commentary from BofA frames expectations for a pick-up in supply of Brazilian-listed equity in 2027, with a mix of domestic and cross-border listings anticipated. Market participants will be watching deal sizes and investor appetite given the emphasis on starting transactions around the $500 million mark to secure sufficient liquidity.
The article included references to market tickers and recent movements: PASS3 and PICS were mentioned in the accompanying market data.
Contextual note: The projection was presented to reporters by Bank of America executives and reflects the banks expectations for the 2027 calendar. Specific companies beyond Compass Gas e Energia, PicPay and Agibank were not identified in the remarks summarized here.