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Manabi Seeks Batista Gains in Bear-Market IPO: Corporate Brazil

Manabi SA, the first Brazilian iron-ore company to go public since 2006, is counting on Ontario Teachers’ Pension Plan to spark investor interest in its share sale after Brazil’s benchmark stock index entered a bear market.

Rio de Janeiro-based Manabi filed on May 16 to sell shares in Sao Paulo and Toronto to help finance $4.12 billion of iron ore projects in Brazil’s Minas Gerais state. Canada’s third-biggest pension fund is Manabi’s top investor with a 21 percent holding, while South Korea’s sovereign wealth fund and Southeastern Asset Management also have stakes in the company.