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.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]