Biggest IPO of the year set to launch next week. Banco Santander's IPO of its Brazilian operation, which is seeking to raise up to $7.25 billion, is scheduled to begin its dual listing on the NYSE and Brazil next week.
It will price Oct. 6th and begin trading Oct. 7th.
It promises to be the biggest IPO of the year in the U.S. and the second-biggest in the world, after the $7.34 billion IPO of China State Construction Engineering Corp.
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So far, the deal looks close to being on track, seeking to sell 529 million units between $12.19-$13.85 (the deal is being priced in Brazilian reals). That is between $6.5 to $7.3 billion.
This is somewhat unusual, in that Santander will offer its shares in the form of units, with each unit comprising 55 common shares and 50 preferred shares of Banco Santander Brazil.
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That amounts to about 15 percent of Santander Brazil. The goal is to give the Spanish bank more opportunity to expand into Latin America.
Other well-known brand names may also go public in October, including Hyatt Hotels, currently controlled by the Pritzker family in Chicago.
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