Brazil ends five-year IPO drought

Compass, the gas distribution arm of the Cosan conglomerate, completed its initial public offering on Monday on B3, Brazil's only stock exchange — making it the first company to go public in São Paulo since 2021.

The shares trade under the ticker PASS3 on Novo Mercado, the B3 listing segment with the strictest corporate governance requirements. Compass was already registered as a publicly traded company and had attempted an offering in 2020 before pulling it amid weak market conditions. 

Monday's deal, a secondary offering of common shares restricted to professional investors, was coordinated by BTG Pactual alongside multiple banks, including (but not limited to) Bank of America, Bradesco BBI and JPMorgan.