Mattos Filho and Velloza kick off 2011 IPOs

9/02/2011 em Imprensa

Fonte: Latin Lawyer

by Marieke Breijer

Velloza, Girotto e Lindenbojm Advogados Associados SC has helped the controlling shareholders of Brazilian shoe retailer Arezzo raise US$340 million in its successful IPO last week.

Velozza Girotto was hired directly by Arezzo’s controlling shareholder, the Birman family, to review documents related to the IPO and assist in tax issues. The firm has been regular counsel to the family since 2007, assisting them when Tarpon Investment acquired a 25 per cent stake in Arezzo later that year.

Local and international counsel acting for Arezzo were unable to confirm their involvement in the transaction.

The underwriters, Itaú BBA, Bank of America Merrill Lynch, Credit Suisse and Barclays Capital, were represented by Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in Brazil and Skadden, Arps, Slate, Meagher & Flom LLP for US law purposes.

Arezzo’s offer kicked off Brazil’s IPO season; the company being one of many aiming to take advantage of the market’s favourable conditions.

The shoe retailer sold shares for 19 reais a piece, the top end of the estimated price, on 2 February. On the day of IPO, Vellozza Girotto partner César Amendolara attributed the sale’s success to a combination of the growing middle classes, which have more money to spend, and the stability of the BM&FBOVESPA.

“[Companies are] running to do the IPOs right now, because everything is fine, but I do not know what will happen in two to three months,” he said, and added that during Arezzo’s symbolic launch party at the BOVESPA earlier in the day, officials at the stock exchange uttered the expectation that 2011 will replace 2007 as Brazil’s “record year” for IPOs.
Since then however, three other companies have fared less well with their issuances. Portuguese group Sonae Sierra, car-parts maker Autometal and Queiroz Galvao Exploração e Produção all sold shares for prices below their minimum targets. These results have yet to deter other companies; at least six more IPOs are scheduled, as well as five secondary offerings.

Counsel to Arezzo

US

Not disclosed

Brazil

Not disclosed

Counsel to the Birman family

Velloza, Girotto e Lindenbojm Advogados Associados SC

Partners Alexandre Lindenbojm and Cesar Amendolara, and associates Fernanda Melnik, Mareska Salge, Leandro Vilarinho, Marilia Poletti, Joanna Rezende and Camila Morais

Counsel to the underwriters
US

Skadden, Arps, Slate, Meagher & Flom LLP

Partners Richard Aldrich and Paul Schnell, and associates Filipe Areno, Mateo Goldman and Paulo Penteado

Brazil

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Partners Sergio Spinelli and Jean Marcel Arakawa, and associates Raphaela Tercia Barbosa Vasconcelos, Camila Dias Requena and Maria Abreu de Moura Guido

Velloza Advogados |

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