Brazil: Abertura de capital sem IPO

No dia 3 de abril deste ano, a Spotify Technology S.A. estreou na Bolsa de Valores de Nova York (NYSE). As ações do popular serviço de streaming de músicas, vídeos e podcasts fecharam o pregão cotadas a US$ 149,01, o que resultou em um valor de mercado total de aproximadamente US$ 26,5 bilhões.

A abertura de capital do Spotify chamou atenção de Wall Street e do Vale do Silício porque a companhia adotou uma estratégia inusitada, optando por não captar recursos no mercado. A empresa informou que não precisava de recursos e que apenas promoveu a listagem da companhia na NYSE a fim de dar liquidez às ações. Estaria tecnicamente errado, portanto, falar em IPO (oferta pública inicial), uma vez que não houve oferta pública.

Nessa operação de "listagem direta", o Spotify economizou dezenas de milhões de dólares ao dispensar os serviços de bancos de investimento. Esses intermediários normalmente participam das apresentações da companhia a potenciais investidores, auxiliam na precificação inicial dos papéis e podem vir a garantir a subscrição das ações emitidas. O Spotify, possuidor da maior base global de assinantes de serviço de streaming de música, apostou na sua popularidade para criar uma conexão direta com investidores interessados em suas ações e aceitou o risco de uma maior volatilidade inicial dos papéis decorrente da ausência de um IPO propriamente dito.1

Há quem entenda que apenas grandes companhias, sem necessidade imediata de recursos e amplamente conhecidas pelo mercado, poderiam dar-se o luxo de abrir o capital nesse estilo. Não é necessariamente assim.

A abertura de capital do Spotify pode servir de inspiração para startups brasileiras de médio porte. Uma de suas vantagens é permitir que a companhia se adapte gradualmente aos padrões de governança e transparência exigidos pelo mercado. A listagem direta é, também, uma operação que incrementa a liquidez das ações sem implicar diluição imediata dos acionistas, que podem vender os papéis de forma gradual, a preço de mercado. Além disso, no momento em que interessar à companhia obter recursos no mercado, ela já será um ativo com alguma visibilidade, conhecido e precificado.

O mercado brasileiro tem exemplos de companhias que optaram por essa via, como Senior Solution (sistemas de informação para o setor financeiro), Statkraft (energia elétrica a partir de fontes renováveis), Smart Fit (academias de ginástica), BR Home Centers (varejo de materiais de construção), Maestro Frotas (terceirização de frota) e Nutriplan (jardinagem e decoração).

A listagem direta em bolsa aqui comentada não se confunde com a obtenção de registro na Comissão de Valores Mobiliários (CVM) para negociação da ação no mercado de balcão, organizado ou não. Entende-se como "listado" o valor mobiliário cujas informações negociais são divulgadas pela bolsa de valores na qual sua negociação é admitida.

Em linha com o que prevê a Lei nº 6.385, de 7 de dezembro de 1976, a Instrução CVM nº 480, de 7 de dezembro de 2009, admite a apresentação de pedido de registro para negociação de ações em bolsa sem que concomitantemente seja apresentado pedido de registro de oferta pública de distribuição de valores mobiliários. Uma vez aceito o registro pela CVM (no caso, na categoria "A", para negociação de ações em bolsa), a companhia pode aderir a um dos segmentos de listagem da B3 S.A. – Brasil, Bolsa, Balcão.

Os regulamentos do Mercado de Acesso da B3 (Bovespa Mais e Bovespa Mais Nível 2) preveem a realização de listagem sem oferta, e exigem um percentual mínimo de 25% de ações em circulação (free float) apenas após sete anos a partir da listagem.

A listagem direta também é possível nos demais segmentos de listagem (Novo Mercado, Nível 2, Nível 1 e Segmento Básico). Contudo, nestes há exigência de free float mínimo imediato (em regra 25%), assim como regras de governança e de divulgação de informações potencialmente muito onerosas para startups.

De qualquer forma, a listagem direta é uma alternativa com potencial de atrair startups brasileiras interessadas em democratizar o acesso a suas ações. Caso seja uma tendência que se confirme, poderá contribuir para o desenvolvimento do mercado de capitais brasileiro ao pavimentar o ingresso de novas companhias e investidores.

Footnote

1 "Further, the listing of our ordinary shares on the NYSE without underwriters is a novel method for commencing public trading in our ordinary shares, and consequently, the trading volume and price of our ordinary shares may be more volatile than if our ordinary shares were initially listed in connection with any apresentado à Securities and Exchange Commission – SEC)

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