VisaNet Bans 19 Brokerages From World’s Biggest IPO
This article is for subscribers only.
Visa Inc.’s Brazilian affiliate banned 19 brokerages from participating in its share sale tomorrow, disrupting the world’s biggest initial public offering in a year.
The brokerages published advertisements about the sale without approval from Brazil’s securities regulator, Cia. Brasileira de Meios de Pagamentos said in a statement on its Web site. VisaNet, as the Sao Paulo-based payment processor is known, excluded the firms on the last day investors can place bids for the IPO. The company’s shareholders are seeking to raise as much as 7.2 billion reais ($3.7 billion) in the sale.