August 16, 2018 / 3:39 PM / a month ago

Brazil´s Itaú BBA expects up to 10 share offerings in 2018

SAO PAULO, Aug 16 (Reuters) - Between one and six Brazilian companies could file for share offerings by the end of the year, depending on the presidential election outcome in October, Roderick Greenlees, head of investment banking at Itaú BBA SA , said on Thursday.

Given the uncertainties around the election, Itaú BBA does not expect any share offerings by October. As soon as a candidate is elected, however, Greenlees forecast that companies will resume share offering plans that were shelved earlier in the year.

“The number of companies that will file for share offerings will depend on who will be the new president,” said Greenlees.

The election features a variety of candidates across the ideological spectrum. There is still no clear favorite, through right-wing congressman Jair Bolsonaro is ahead in most polls.

In 2018, four Brazilian companies filed for initial public offerings, but many others suspended their plans due to volatility, including bank Agibank SA, shoemaker Dass Nordeste SA and toy retailer Ri Happy Brinquedos SA.

Reporting by Carolina Mandl Editing by Susan Thomas

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