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February 9, 2010 |
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| October 07, 2009 |
By: The Associated Press |
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panish financial giant Banco Santander SA has raised $8.1 billion with an initial public offering of shares in its Brazilian subsidiary, the largest IPO in the world this year.
In an effort to expand its Latin American operations, the bank sold shares in Banco Santander (Brasil) SA, in the United States and Brazil, where the offering was that nation’s biggest offering ever.
American Depository Receipts trading in New York fell 35 cents, or 2.6 percent, to $13.05 in midday trading.
Francis Gaskins, president of IPOdesktop.com, said the initial weakness in the U.S. trading is probably because the bank priced shares in Brazil and didn’t offer the usually customary discount on what was essentially a secondary offering in the U.S.
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