Votorantim Cimentos Pushes Brazil IPO Plans to $12.7 Billion

Votorantim Cimentos SA, Brazil’s top cement producer, announced plans to raise as much as $5.4 billion in an initial public offering as the benchmark Bovespa stock index posts its worst start to the year since 2000.

Votorantim will list shares in Brazil and American depositary receipts on the New York Stock Exchange, according to a U.S. regulatory filing yesterday, pushing the total amount of pending IPOs in Brazil to $12.7 billion. Banco do Brasil SA’s insurance unit filed to issue 12.2 billion reais ($6.1 billion) in shares, while the frequent-flier unit of Gol Linhas Aereas Inteligentes SA is seeking 1.35 billion reais. Alupar Investimento SA plans to raise 1.16 billion reais.