Brazil's BTG Pactual and shareholders could raise up to 4.1 billion reais ($2.2 billion) in an initial public offering that may turn the investment banking powerhouse controlled by billionaire André Esteves into one of the world's most valuable banks.The IPO will be the first by an investment bank based in Brazil, an emerging market power whose financial industry is booming. While local offerings have struggled with recent market turmoil, BTG Pactual's IPO will give investors a chance to purchase into a fast-growing firm with aspirations of rivaling global giants like Goldman Sachs Group Inc.The IPO will involve the sale of up to 121.5 million units at a suggested price of 28.75 reais to 33.75 reais per unit, according to a prospectus published on Tuesday. Ea ch unit will be comprised of common and preferred stock issued by holding companies Banco BTG Pactual and BTG Pactual Participations.The deal comes at a time when Brazil's once-hyped IPO market is struggling as an unpredictable economy and the risk of overpriced deals scare away investors. Local equity markets have not seen any new listings since July.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 1.75% or $-2.19/share to $122.71. In the past year, the shares have traded as low as $84.27 and as high as $164.40. On average, 6776570 shares of GS exchange hands on a given day and today's volume is recorded at 5596915.
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