Brazilian Internet broadband services provider Vero SA has filed for an initial public offering (IPO) at the Securities and Exchange Commission (CVM).
Owned by Vinci Partners, Vero reported H1 net revenues of BRL 190.6 million and an EBITDA margin of 47.5 percent. At the end of June, the operator had some 500,000 customers, and 1.8 million homes passed with fibre.
The provider of optical fiber networks and radio communication services did not say in its prospectus how it plans to use the proceeds of the IPO that will be coordinated by Itau BBA, UBS, BTG Pactual, Santander, XP, and JPMorgan.
According to the draft of the preliminary prospectus filed with CVM, the offer will consist of primary distribution, that is, when the funds raised go directly to the company's cash, and secondary, when the current shareholders sell part of their shares.
In addition, it can still be added with additional lots, up to 20% of the total assets initially offered, and supplementary, up to 15% of the total.
This summer has seen successful IPOs by Brazilian ISPs - the likes of Brisanet (BRL1.437 billion [USD266.98 million]), Unifique (BRL818.07 million), and Desktop Sigmanet (BRL715.22 million).
