The largest pension fund in the country, Previ, has budgeted R$ 3 billion to invest in initial public offerings of shares (IPOs) in 2021. Of this amount, BRL 1 billion was invested in the first half of the year. The investment director at the organisation, Marcelo Wagner, says that the intention is to participate in the season of offers planned for the second half of the year.
Last year, the organisation set up a specific work team to evaluate and select candidate companies to carry out public offerings of shares. Since then, Previ has invested in the launch of papers for Petz, Rede D CaixaOr, Caixa Seguridades, Grupo Mateus, Quero-Quero, among others. This team is already assessing opportunities for the second semester.
“We are attentive to companies that are applying for the IPO. When companies announce their intention, we have already started to analyse whether it makes sense [to participate in the offer]. It is a joint effort with the areas of planning, risk, participation”, says the investment director at Previ, who avoids giving clues about the companies that are targeted for the second half of the year.
Participating in IPOs helps the entity to maintain a diversified equity portfolio and capture new opportunities on the stock exchange. Wagner recalls that some companies have recovered more quickly from the pandemic, while new companies enter the market with upside potential. The goal, in general, is to capture long-term value.