By Acionista.com.br
In the last few days of 2024, the capital market got a new lease of life with the resurgence of IPOs on B3, but not in the traditional format. The so-called "reverse IPOs" are allowing privately-held companies to gain access to the stock exchange without going through the long and costly process of initial listing.
This mechanism works when a company acquires control of an already listed company, usually with low liquidity or undervalued shares. The new parent company changes its name, corporate purpose and even its trading code, transferring its activities to the acquired structure. In this way, entrepreneurs with promising businesses save time and resources, while investors can benefit from new valuation opportunities.
Two cases of reverse IPOs in 2024
Two recent cases exemplify this trend. Fictor Alimentos bought 76% of Atompar (ATOM3) shares for R$ 20 million in June 2024. Atompar, once a giant in the industrial sector as Inepar, had been struggling since the 1990s. Now, under the ticker FICT3, Fictor plans to use its new position to capture opportunities in agribusiness, with an initial focus on poultry and the possibility of expanding into other animal proteins.
Another example is REAG Investimentos, which gradually acquired shares in GetNinjas (NINJ3), a home services startup. After taking control, REAG transformed the structure into an asset management and investment platform, debuting as REAG3 on January 10, 2025.
A trend of more cases like this
These cases show that reverse IPOs are a practical solution to overcome the challenges faced by companies in the traditional listingespecially in a high interest rate scenario. Studies show that 41 companies on B3, with low liquidity and a defined controlling shareholder, could become targets for this strategy.
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