In its first day in the open market, Petroleo Brasiliero SA (Petrobras) managed to set a new record in a public offering, selling $67 billion in new common and preferred stock, the company reported. The company sold more than 4 billion common and preferred shares Thursday.
Roughly $25 billion was sold to private investors; the Brazilian government acquired another $42.5 billion worth in exchange for giving Petrobras the right to develop rich new oil reserves. By comparison, the Agricultural Bank of China raised $22 billion in its IPO in July.
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