Brazil: Lista Global De IPOs Já Tem 785 Empresas

Last Updated: 12 April 2018
Article by Veirano E Advogados Associados
Most Read Contributor in Brazil, October 2018

Ao menos 785 empresas já registraram seus pedidos de oferta inicial de ações (IPOs) em diferentes bolsas no mundo ou já manifestaram intenção de fazer oferta neste ano. Esse volume vai se somar às 287 ofertas realizadas no primeiro trimestre, que captaram US$ 42,8 bilhões. Essas 1.072 ofertas previstas ainda não superam o montante do ano passado, quando foram feitos 1.711 IPOs, mas dão uma boa perspectiva para o ano. Para se ter ideia, ao fim do primeiro trimestre de 2017 menos de 50% dos IPOs que ocorreram ao longo do ano estavam previstos.

Segundo levantamento exclusivo da consultoria EY, a maioria dessas ofertas será de empresas asiáticas - que foram responsáveis por 55% das operações efetuadas no início deste ano. A região também liderou os IPOs em 2017, com 58% do total.

Se as ofertas que estão no radar hoje saírem do papel (as empresas podem não ir adiante com os planos ou não atraírem demanda suficiente de investidores, por exemplo) e não houver um volume relevante de novas operações em outras regiões, os países asiáticos responderiam por 90% das transações no ano. Além disso, bancos e advogados esperam uma desaceleração de ofertas nas Américas no terceiro trimestre, devido à volatilidade de eleições presidenciais no Brasil e no México e da eleição do Congresso americano.

Um dos motivos da alta participação da região é a retomada da economia japonesa. O país pode ter o maior número de transações desde 2007, passando pela primeira vez em mais de uma década de cem IPOs. Ao fim do ano passado, a economia japonesa registrava oito trimestres consecutivos de crescimento, o período mais longo de expansão desde o fim da década de 1980.

Um relatório dos economistas do banco Barclays para a Ásia destaca que a economia local começa a ter mais investimentos, inclusive na renovação de edificações, por exemplo, e que tende a ter mais projetos antes da realização dos Jogos Olímpicos em Tóquio, em 2020. Nas bolsas japonesas, a expectativa é de ofertas principalmente de médias empresas, que estão se apressando para fazer captações antes da megaoferta da subsidiária de telecomunicações do SoftBank. Esse IPO está previsto para o terceiro trimestre e pode movimentar mais de US$ 18 bilhões.

Outro movimento relevante de ofertas deve acontecer na Índia. Em um cenário de liquidez para investir e uma economia resiliente, mais de cem empresas pequenas e médias devem estrear no segmento especializado da bolsa. Na China, a perspectiva de maior abertura para investidores estrangeiros a partir de meados de 2018 pode movimentar o mercado de capitais, mas o que tem feito as companhias se listarem, até agora, é um volume alto de dívida nos balanços e bancos restritivos.

"Há uma orientação do governo chinês para usar mais o mercado de capitais como financiador de crescimento, para aquisições e para pagamento de dívida, uma vez que os bancos e as companhias estão muito alavancados", diz Roberto Dumas, professor de economia do Insper.

Na China, 407 empresas pediram registro de oferta nas bolsas de Shenzhen e Shanghai e outras 150 na bolsa de Hong Kong. O país teve recorde de IPOs no ano passado. "As operações aumentaram em quase todo trimestre nos últimos dois anos na Ásia", diz Guilherme Sampaio, diretor de transações corporativas e líder de IPO da EY. A economia chinesa cresceu 6,9% em 2017, depois de sete anos de desaceleração -- mas bancos como ANZ e Barclays apontam em seus relatórios sobre o país o aumento da tensão entre China e os Estados Unidos como o maior risco para o desempenho econômico.

O estudo da EY ressalta ainda que o índice de empresas que pediram registro e foram negados pelo regulador do mercado de capitais da China aumentou este ano - dos 63 pedidos no primeiro trimestre, 29 foram negados. A China quer ofertas, mas continua criteriosa, segundo a consultoria.

No primeiro trimestre, conforme o levantamento da EY, o número de IPOs no mundo diminuiu 27%, em comparação ao mesmo período do ano passado, para 287 ofertas. Mas o volume financeiro aumentou 28%, para US$ 42,8 bilhões. Três grandes IPOs ajudaram a turbinar esses números, e nenhum deles foi na Ásia - a região lidera em número de ofertas, por concentrar operações de menores.

Segunda maior oferta do período, a brasileira PagSeguro foi listada em bolsa americana e captou US$ 2,3 bilhões. A primeira e a terceira maiores ofertas foram de empresas alemãs, na Deutsche Borse: a companhia de tecnologia de saúde Siemens Healthineers e a empresa de serviços financeiros DWS Group.

Nas Américas, são 28 IPOs registrados para acontecer a partir de abril. No Brasil, sete ofertas foram registradas até o momento, na Comissão de Valores Mobiliários (CVM). Entre elas, estão dois bancos médios, Inter e Agibank, e as operadoras de saúde Intermédica e Hapvida. "As ofertas têm sido maiores, em média, do que as de cinco ou dez anos atrás", diz Daniela Anversa, sócia de mercado de capitais do Veirano Advogados. "Em períodos de maior volatilidade, são as empresas maiores que tendem a viabilizar captações." Isso porque são empresas com histórico e participação de mercado relevante, de forma geral, o que tende a dar mais segurança ao investidor. Segundo Loureiro, da EY, a maior volatilidade esperada para o segundo semestre deve concentrar as ofertas até o meio do ano.

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