Reuters: Private Equity: UPDATE 1-BTG Pactual rises in first day of trading

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UPDATE 1-BTG Pactual rises in first day of trading Apr 26th 2012, 14:35 Thu Apr 26, 2012 10:35am EDT * Units in BTG Pactual gain after IPO * Shows global confidence in Brazil -Esteves * Largest Brazil IPO since 2009 SAO PAULO, April 26 (Reuters) - BTG Pactual units rose on Thursday in their first day of trading after an initial public offering, reflecting investor confidence in the Brazilian investment bank and its billionaire founder, André Esteves. The units rose as high as 31.86 reais in early trading, up from the IPO price of 31.25 reais. The units are a mix of common and preferred stock of its investment banking and buyout units. "This is an enormous vote of confidence in Brazil by the global financial community," Esteves said at an event to celebrate the stock's debut on the Sao Paulo Stock Exchange. He said the deal would create space for other IPOs in Brazil and fan foreign interest in local markets. The IPO is said to value BTG Pactual at about $14.4 billion, a source with knowledge of the situation told Reuters, making it Brazil's 16th-biggest listed company by market capitalization. The offering, which gave investors the chance to buy into a fast-growing company with aspirations of rivaling global giants like Goldman Sachs Group Inc, is also the nation's largest IPO since Banco Santander Brasil's $7.5 billion offering in October 2009. Esteves said at the event that BTG Pactual could grow into a "regional champion" as competition mounts in Latin America. Regulatory changes planned for the Brazilian financial industry "are welcome," he added. Link this Share this Digg this Email Reprints

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