STOCKS
As Brazil’s IPO drought deepens, companies look to New York for cash
Nasdaq’s head of capital markets, Jay Heller, described a “robust” pipeline of potential Brazilian stock issuers. Photo: Andersphoto/Shutterstock
Brazil’s Ibovespa index has broken a string of record highs in recent months. But 2025 will also mark the fourth consecutive year without a single initial public offering on São Paulo’s B3 exchange — and another year of companies choosing to delist.
Sky-high interest rates have prompted many Brazilian firms eyeing the equity market to delay their plans, or, as The Brazilian Report has shown, to seek alternative ways to raise capital. The October 2026 general elections will narrow next year’s financial window. However, some banks still hope to see renewed momentum for IPOs — possibly in…
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