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Mall operator Almeida Junior intends to raise R$1.5bn in IPO

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Vincent

Mall operator Almeida Junior has filed for its IPO with the Securities and Exchange Commission of Brazil (CVM). The intention is to raise about R$1.5 billion and reach exchange B3 valued at R$3 billion to R$4 billion. The offering has as bookrunners BTG Pactual, J.P. Morgan, Bank of America, Itaú BBA and XP Investimentos.

Proceeds from the primary tranche of the offering will be used to expand three shopping malls, strengthen the company's capital structure and also pay extraordinary dividends declared on December 31 of 2019, to be paid to the current shareholder.

"It is essentially a secondary offering, considering that most of the total proceeds go to the owner. The company doesn't need much new capital to grow because it already is a big cash generator," says one asset manager who met with the company about his understanding of the transaction. Last year, the net operating margin was 94.2%, according to the preliminary prospectus - in 2018 it had been 93.6% and in 2017 of 94.4%.

One reason for the high margins is that the malls, all located in Santa Catarina state, have 93.3% occupation and are targeted at the upper-middle and upper classes. The company wants to expand to other markets in the South region.

The prospectus doesn't detail yet what percentage of the primary tranche will be used to pay dividends, but states that the proposed dividend for 2019 totals R$515.5 million, compared with R$22.1 million in 2018.

The company's...

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