Analysis

Costs of going public

The Capital Market

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If a company decides to go public, it will incur basically two different types of costs:

  1. Those directly related to the offer, i.e., the costs of going public
  2. Those related to listing the company on the stock market

Source: Oxera – The Cost of Capital: An International Comparison

Pricing Policy for Issuers

Valid from 01/01/2013

The Pricing Policy for Issuers applies to all listed issuers or will plead listing on the stock exchange market or OTC market (MBO) from BM&FBOVESPA, in the terms and conditions described below.

This policy contemplates two charges payable by issuers, which are:

Rate Analysis for Listing Issuers and Annuity

  1. The Rate Analysis for Listing Issuers (Rate Analysis) is payable by new issuers of securities upon completion of the application listing of the issuer with the BM&FBOVESPA, because of the analysis needs of information and documents required under Registry of Securities and Issuers of BM&FBOVESPA regulation and legislation.
  2. The Annuity consists of a periodical payable contribution by companies and other issuers due their type of listing in BM&FBOVESPA, thus enabling the admission of securities to trading in the stock market or MBO, as appropriate.

Which are assumed for the following cases

a) Issuing shares company and foreign issuer whose securities are backed for certificates of deposit actions program - Sponsored BDR, in the stock market or MBO;
b) Stimulated company;
c) Depository institution, by Non-Sponsored Level I BDR program;
d) Investment fund and Audiovisual Investment Certificate issuer in the stock market or in MBO;
e) Issuers of bonds, financial bills, promissory notes, Agribusiness Certificates (CRA) or Receivables Certificates (CRI) in the stock market or MBO.

The first annuity payment by the issuer after obtaining a listing on the stock market or the MBO will have its value reduced by an amount related to the rate paid by the issuer Analysis.

It is noteworthy that, in cases where the value of the first annuity is less than the value of the fee paid by the issuer Analysis, no refund will be allowed nor the residual value Rate Analysis use for abatement of upcoming annuities.

Are exempted from payment of fee analysis

a) Companies requesting the listing for trading of shares on the Bovespa Mais;
b) Municipalities that request for admission trading of Cepac;
c) Issuers of bonds, financial bills, promissory notes, CRA CRI or that simultaneously list on their applications, conduct full public distribution of assets exclusively in BM&FBOVESPA
d) Issuers that are listed in the MBO and migrate the listing to the stock market or the reverse.

Method of Payment

Payment Rate Analysis must be made by billet bank requested the Management Tracking Transmitters by the email: gre@bvmf.com.br and by sending the following data issuer:

  • Name;
  • CNPJ / MF number;
  • Full address;
  • Phone(s) contact.
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