Banco Santander Brasil (BSBR) IPO Trades Slightly Lower

October 7, 2009 9:43 AM EDT

The IPO for Banco Santander Brasil (NYSE: BSBR) is set to open on the NYSE. The company is raising about $8.00 bilion, in a duel listing in New York and Sao Paulo. This is the largest U.S. IPO in 18 months and the largest ever for a Brazilian company.

Shares are trading at $13.15, after pricing at $13.50.

Joint Bookrunners of the offering were Santander, Credit Suisse, BofA Merrill Lynch and UBS Investment Bank. Co-Managers of the offering were Barclays Capital, Bradesco BBI, CALYON and Deutsche Bank Securities.

Banco Santander Brasil is offering a total of 525,000,000 units, each of which represents 55 common shares, without par value, and 50 preferred shares, without par value, of Banco Santander (Brasil) S.A.

Banco Santander Brasil is a leading full-service bank in Brazil. The company is the the third largest non government-owned bank, the largest bank controlled by a major global financial group and the fourth largest bank overall in Brazil with a 10.2% market share in terms of assets, at March 31, 2009. Operations are located across the country and strategically concentrated in the South and Southeast, an area that accounted for approximately 73.1% of Brazil's GDP in 2006, and where they have one of the largest branch networks of any Brazilian bank. For the six months ended June 30, 2009, the company generated profit before taxes of R$3.8 billion, and at that date they had total assets of R$288.9 billion and shareholders' equity of R$51.1 billion. Banco Santander Brasil Basel capital adequacy ratio was 17.0% as of June 30, 2009.

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