BTG Pactual is set to issue a different class of shares for its commodities trading unit spinoff Engelhart. The company said it will sell the new securities in an initial public offering (IPO) that could raise as much as $450 million and be listed on Nasdaq. Shareholders are set to receive $1bn of Engelhart stock as BTG Pactual reduces its stake in the unit to 35% from 92%.
BTG Pactual is set to issue a different class of shares for its commodities trading unit spinoff Engelhart. Subject to regulatory and shareholder approval, investors in the fast-growing independent commodity sales and trading arm will be able to convert their shares into units of Grupo BTG Pactual, the most-traded class of stock offered by the bank. Shareholders are set to receive $1bn of Engelhart stock as BTG Pactual reduces its stake in the unit to 35% from 92%.