{"id":95956,"date":"2025-09-29T14:46:47","date_gmt":"2025-09-29T17:46:47","guid":{"rendered":"https:\/\/murray.adv.br\/?p=95956"},"modified":"2025-09-29T14:46:47","modified_gmt":"2025-09-29T17:46:47","slug":"companies-turn-to-reverse-ipos-to-gain-stock-exchange-access","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/","title":{"rendered":"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Private-sector investors acquire listed firms in Brazil as traditional IPOs remain scarce<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<\/section>\n<div class=\"content-publication-data__from\"><\/div>\n<section class=\"content--header\">\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\">09\/29\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"53\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">With Brazil\u2019s initial public offering market in a prolonged drought\u2014more than four years without a wave of listings and no clear signs of recovery\u2014some private companies are considering a backdoor route to go public: acquiring firms already listed on the B3, Brazil\u2019s main stock exchange. The strategy is known as a reverse IPO.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">These targets are often small-cap companies with very low trading volumes. Many of them went public during the IPO boom at the height of the pandemic but have since become minor players in the market, with little prospect of regaining relevance among investors.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Valor has learned that some of these listed companies are working with investment banks to signal their openness to being acquired for a reverse IPO. One such candidate is Westwing, a home d\u00e9cor e-commerce company currently valued at R$58 million on the B3.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"63\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">People familiar with upcoming deals said the next reverse IPO may involve Oranje, a newly launched bitcoin treasury operation that acquired Intergraus, a college prep course provider, from Bioma. The deal, announced in May, was conditional on Intergraus registering as a public company and being listed on the B3. Last week, Oranje confirmed its intention to carry out a reverse IPO in October.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Another case is real estate developer BRZ, which had been pursuing a traditional IPO for years but ultimately opted to merge with Fica, a listed company in the same sector that has long been forgotten by the market.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"72\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Reag,<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/11\/reag-offloads-assets-after-raid-in-hidden-carbon-probe.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/11\/reag-offloads-assets-after-raid-in-hidden-carbon-probe.ghtml\">\u00a0a fund manager recently caught up in the \u201cHidden Carbon\u201d police operation<\/a>, also executed a controversial acquisition when it took over Getninjas, a services marketplace. Sources who requested anonymity said Getninjas had attracted interest from other companies looking to list via a reverse IPO. The appeal, in that case, was that the company had more cash on hand than its market cap, due to a steep decline in its share price.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">An investment banking executive specializing in equities said several companies are exploring this route, although the cases remain isolated. He noted that any buyer would likely need to carry out a follow-on share offering once market conditions improve to restore liquidity.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Closed window<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"54\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">BRZ\u2019s Chief Financial Officer and Head of Investor Relations Fabiano Valese said the lack of visibility on when the IPO market might reopen weighed heavily on the decision. He also pointed to synergies with Fica\u2019s landbank. \u201cThis move shortens our path to becoming a listed company, and we\u2019ll have a significant landbank,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"68\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mr. Valese recalled that BRZ maintained internal plans for an IPO even after the initial attempt was derailed by rising volatility and interest rates. The company already operates day to day as if it were publicly traded, he said. More recently, BRZ began holding talks with investors. The merger with Fica is expected to close in the coming months, which will mark BRZ\u2019s official debut on the B3.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Conrado Stievani, a partner in capital markets at law firm BMA, said his office has received inquiries about reverse IPOs. He noted that some companies are doing the math to decide whether to buy a listed company and carry out a future follow-on, or simply wait for IPO windows to reopen.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThere are companies looking at this option,\u201d Mr. Stievani said, but he emphasized that any company pursuing this path must prepare for the operational complexities and due diligence involved in such acquisitions.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Henrique Ferreira Antunes, a capital markets partner at law firm Mattos Filho, said some buyers are also eyeing reverse IPOs as a way to make use of tax losses accumulated by the target company. \u201cBut they must consider any hidden liabilities tied to that corporate registration,\u201d he warned.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Another issue, Mr. Antunes noted, is the post-transaction challenge of repositioning the company under a new brand. This typically involves an \u201ceducational\u201d effort and \u201cnon-deal roadshows\u201d\u2014investor meetings not tied to a specific transaction.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"31\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mr. Antunes also stressed that any firm going public via a reverse IPO must be ready for life as a listed company, which includes regular earnings reports and constant market communication.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"74\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Gustavo Rugani, a partner at law firm Machado Meyer, said that in practical terms, a reverse IPO is essentially a merger and acquisition deal between a private company and a public one. \u201cAnd in a market like this, where conditions are unfavorable for traditional IPOs, it works as a shortcut,\u201d he said. \u201cIt\u2019s about seizing the moment. In 20 years working in this field, I\u2019ve never seen such a long dry spell for IPOs.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Contacted by Valor, Westwing said it is currently focused on profitability and growth, and that \u201ca reverse IPO is not in the company\u2019s short-term plans.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Oranje said it would limit its comments to the material fact disclosure already made to the market. In it, the company said the acquisition of Intergraus \u201cis aligned with its strategy of building an educational platform based on non-degree courses\u201d and that Intergraus \u201chas a strong brand and valuable intangible assets that will support growth\u201d in its operating markets.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"10\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Fund manager Reag did not respond to requests for comment.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Private-sector investors acquire listed firms in Brazil as traditional IPOs remain scarce &nbsp; &nbsp; 09\/29\/2025\u00a0 With Brazil\u2019s initial public offering market in a prolonged drought\u2014more than four years without a wave of listings and no clear signs of recovery\u2014some private companies are considering a backdoor route to go public: acquiring firms already listed on 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":[26460,26461],"class_list":["post-95956","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-companies-turn-to-reverse-ipos","tag-to-gain-stock-exchange-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Companies turn to \u201creverse IPOs\u201d to gain stock exchange access - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Private-sector investors acquire listed firms in Brazil as traditional IPOs remain scarce &nbsp; &nbsp; 09\/29\/2025\u00a0 With Brazil\u2019s initial public offering market in a prolonged drought\u2014more than four years without a wave of listings and no clear signs of recovery\u2014some private companies are considering a backdoor route to go public: acquiring firms already listed on the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-29T17:46:47+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access\",\"datePublished\":\"2025-09-29T17:46:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\"},\"wordCount\":890,\"keywords\":[\"Companies turn to \u201creverse IPOs\u201d\",\"to gain stock exchange access\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\",\"url\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\",\"name\":\"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-09-29T17:46:47+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/companies-turn-to-reverse-ipos-to-gain-stock-exchange-access\/","og_locale":"en_US","og_type":"article","og_title":"Companies turn to \u201creverse IPOs\u201d to gain stock exchange access - Murray Advogados","og_description":"Private-sector investors acquire listed firms in Brazil as traditional IPOs remain scarce &nbsp; 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