Cleary Gottlieb represented Companhia Brasileira de Alumínio S.A. (CBA) and selling shareholder Votorantim S.A. (Votorantim) in CBA’s initial public offering in Brazil.
The offering raised approximately R$1.4 billion in gross proceeds and consisted of a primary offering of 62.5 million common shares and a secondary offering of 62.5 million common shares by Votorantim. The shares offered were priced at R$11.20 per share on July 13, 2021, and were listed on the Novo Mercado segment of the São Paulo Stock Exchange (B3). The offering was registered before the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), and the shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
The international placement agents were BofA, BTG Pactual, Bradesco BBI, Citigroup, XP, and UBS.
CBA is a Brazilian aluminum company that operates from bauxite mining to the production of primary and semi-fabricated aluminum products, as well as recycling activities.