{"id":90110,"date":"2024-07-19T14:12:53","date_gmt":"2024-07-19T17:12:53","guid":{"rendered":"https:\/\/murray.adv.br\/?p=90110"},"modified":"2024-07-19T14:12:55","modified_gmt":"2024-07-19T17:12:55","slug":"sabesp-reaches-record-demand-offer-below-market-price","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/sabesp-reaches-record-demand-offer-below-market-price\/","title":{"rendered":"Sabesp reaches record demand; offer below market price"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><em>Sale of 17% of shares attracted R$187bn in orders; price closed at R$67<\/em><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>07\/19\/2024 <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/s2-valorinternational.glbimg.com\/gBcQUFsRaI4R6O2ZeetzbEXzn_c=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2024\/k\/p\/Uup4PEQ4ySFpJX44V2Wg\/foto19emp-101-sabes-b2.jpg\" alt=\"Sabesp: the final step of the process is expected to take place on Monday, with the settlement of the offer \u2014 Foto: Divulga\u00e7\u00e3o\/Sabesp\" style=\"width:562px;height:auto\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><em>Sabesp: the final step of the process is expected to take place on Monday, with the settlement of the offer \u2014 Foto: Divulga\u00e7\u00e3o\/Sabesp<\/em><\/p>\n\n\n\n<p>The second stage of water utility Sabesp\u2019s privatization, in which the S\u00e3o Paulo government offered 17% of the company\u2019s shares, attracted R$186.8 billion in orders, according to people familiar with the matter.<\/p>\n\n\n\n<p>The shares will be sold at R$67 per share\u201418.3% below the value at the end of Thursday trading session. The stake offered will involve the payment of R$7.9 billion. The offer totaled R$14.8 billion, considering the other 15% of shares acquired by Equatorial in the first stage of the process.<\/p>\n\n\n\n<p>The demand reached an all-time high in Brazil, according to a source. Analysts said that one of the key aspects behind the high demand was the share price, which was set well below the value traded on the stock exchange, indicating gains for investors who sell the shares.<\/p>\n\n\n\n<p>Sources also note that the orders are artificial, as investors inflate orders, given the expected pooling at the offer closing. Equatorial, the company taking the position of Sabesp\u2019s primary shareholder, has a good reputation in the market, which helped boost demand.<\/p>\n\n\n\n<p>The market considers the book-building was positive, which attracted major investment funds. Foreign investors were responsible for 53% of total orders, while 65% came from long-only funds, those who buy assets betting on appreciation.<\/p>\n\n\n\n<p>The deal closing had a high distribution among investors. According to sources, more than 80% was allocated to long-only funds, divided by 50-to-50 between local and foreign investors. Another 10% was allocated to individual investors.<\/p>\n\n\n\n<p>Valor\u2019s business website Pipeline informed that Equatorial has relevant investors among its primary shareholders, which boosted the market confidence in the company\u2019s participation in Sabesp. These investors had indirect exposure to the company and decided to seek direct exposure. The price discount also encouraged participation. Atmos, Squadra, Opportunity, and Canada Pension Plan (CPP) are among the primary shareholders. Among the foreign investors in Sabesp are also well-known players, such as the Singapore fund GIC.<\/p>\n\n\n\n<p>The model of the deal is seen as a reason for a price far below the value traded on the stock exchange. According to Sabesp\u2019s model, the price of the first stage should serve as a cap for the second stage, as the value of the shares would have to be the same.<\/p>\n\n\n\n<p>In the first phase, Equatorial was the only group submitting a proposal to become Sabesp\u2019s primary shareholder. The price offered was R$67, which was considered low compared to the trading price at that time\u20147% below the closing price on June 20th (the day before the release of the initial prospectus) and 10.6% below the price on June 28th (when Equatorial\u2019s proposal was revealed).<\/p>\n\n\n\n<p>In the second stage, investors could make an offer below that amount. However, as demand was high, the price reached the cap, of R$67 per share.<\/p>\n\n\n\n<p>Equatorial must hold the shares for five years, but the other investors can sell at any time, which means expected gains for investors.<\/p>\n\n\n\n<p>As a result, demand reached a record high in the country. According to a person familiar with the matter, the demand was three times higher than the previous record offer\u2014Petrobras\u2019s follow-on offer, in 2010, which reached R$61 billion.<\/p>\n\n\n\n<p>The next step is the settlement date, scheduled for Monday.<\/p>\n\n\n\n<p>After the process is concluded at the stock exchange, the acquisition of the shares by Equatorial should be analyzed by the antitrust watchdog CADE. Sources expect the analysis by the antitrust regulator to take a maximum of 60 days. After that, the new primary shareholder could take over the management of Sabesp. The company will be able to appoint one-third of the board of directors and the chairman.<\/p>\n\n\n\n<p>Faced with criticism regarding the price, the S\u00e3o Paulo government argued that privatization has the main purpose of ensuring universalization of services and attracting a strategic partner to carry out the necessary improvements in the company. Sabesp\u2019s model sought to fix problems identified in the privatization of Eletrobras, in which equity became dispersed.<\/p>\n\n\n\n<p>In the Sabesp privatization, the state government will still hold an 18% stake. Of the total funds raised with the deal, 30% will be allocated to a fund aimed at universalizing sanitation in the S\u00e3o Paulo state. This fund will also ensure subsidies for a tariff reduction, as promised by the S\u00e3o Paulo government. For social and vulnerable customers, the reduction will reach 10%. Tariffs for residential customers are expected to fall by 1%.<\/p>\n\n\n\n<p>The new contract provides for R$68 billion in investments until 2029, for the universalization of water and sewage services\u2014which was previously scheduled for 2033 in Sabesp\u2019s investment plans.<\/p>\n\n\n\n<p>*Por Ta\u00eds Hirata, Maria Lu\u00edza Filgueiras, Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sale of 17% of shares attracted R$187bn in orders; price closed at R$67 07\/19\/2024 Sabesp: the final step of the process is expected to take place on Monday, with the settlement of the offer \u2014 Foto: Divulga\u00e7\u00e3o\/Sabesp The second stage of water utility Sabesp\u2019s privatization, in which the S\u00e3o Paulo government offered 17% of the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25302,25301],"class_list":["post-90110","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-offer-below-market-price","tag-sabesp-reaches-record-demand"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sabesp reaches record demand; 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