COSRA Meeting COSRA Meeting Cartagena Cartagena Capital Markets for SMEs Capital Markets for SMEs and Corporate Governance and Corporate Governance Novo Mercado and BOVESPA Novo Mercado and BOVESPA MAIS MAIS Maria Helena Santana Maria Helena Santana BOVESPA – Brazil’s Stock BOVESPA – Brazil’s Stock Exchange Exchange 9/1/05 9/1/05
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Capital Markets for SMEs and Corporate Governance Novo Mercado and BOVESPA MAIS
Capital Markets for SMEs and Corporate Governance Novo Mercado and BOVESPA MAIS. COSRA Meeting Cartagena. Maria Helena Santana BOVESPA – Brazil’s Stock Exchange 9/1/05. Agenda. Facts about BOVESPA Background: The Brazilian Market Before the Novo Mercado Strategy Results - PowerPoint PPT Presentation
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COSRA MeetingCOSRA Meeting
CartagenaCartagena
Capital Markets for SMEs Capital Markets for SMEs and Corporate Governanceand Corporate Governance
Novo Mercado and BOVESPA Novo Mercado and BOVESPA MAISMAIS
Year CompanyVolume of the Public Offering (US$ million)
SpecialListing
Segment
# ofInvestors
Natura* 243 Novo Mercado 4,445Gol* 283 Nível 2 11,397ALL* 189 Nível 2 3,425CPFL Energia* 287 Novo Mercado 2,750Grendene* 216 Novo Mercado 7,905DASA* 158 Novo Mercado 2,892Porto Seguro* 136 Novo Mercado 5,919Renar Maçãs* 6 Novo Mercado 1,698Submarino* 176 Novo Mercado 4,022ALL 235 Nível 2 1,513Gol 235 Nível 2 1,213Localiza* 108 Novo Mercado 2,397TAM* 225 Nível 2 809Lojas Renner* 378 Novo Mercado 1,212Energias do Brasil* 334 Novo Mercado 114
OHL*1 184 Novo Mercado 468TOTAL 3,393
2005
2004
(1) Preliminary data
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A Market for IPOsA Market for IPOsThe success of the Novo MercadoThe success of the Novo Mercado
Better corporate governance contributed
to broaden investor interest
Increased confidence, specially from
foreign investors
More favorable pricing, stimulated new
IPOs
Offers occurred at multiples much
higher than the market average
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A Market for IPOsA Market for IPOsThe success of the Novo MercadoThe success of the Novo Mercado
Better corporate governance contributed to reduce resistance to secondary offerings
Made the exit through a stock exchange listing feasible, even in IPOs Important for recycling private
equity/venture capital portfolios
These players tend to “prepare” and “direct” companies to the access market
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A Step FurtherA Step Further
Creating an alternative for a greater
number of companies, especially SMEs
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Companies committed to CG
requirements
BOVESPA programs to support companies
Greater flexibility in trading
Investors with medium-term
horizons
BOVESPA MAISBOVESPA MAISPillarsPillars
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BOVESPA MAISBOVESPA MAISAn OverviewAn Overview
New listing segment of the organized OTC
market managed by BOVESPA Public companies registered with CVM and
BOVESPA
Signature of a contract with BOVESPA Compliance with listing rules
Mandatory use of arbitration for shareholder/company disputes
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Investor rights (one share one vote; tag
along rights)
Disclosure (cash flow statements; insider
trades; related party transactions; annual
corporate events schedule)
6 month lock-up period after IPO
Ongoing requirements in terms of: Minimum free float (7th year on)