Ross et al. (2022), capítulo 15
EA-UFRGS
07/05/2025
“Financiamento de alto risco, focado em empreendimentos novos. Também reconhecido como capital empreendedor”
Image of the stages of funding for start-ups, showing Pre-Seed, Seed/Startup, Early Stage, Growth, and Exit phases with typical funding amounts and valuations.
Image of a bar and line graph showing the volume of investment (in billions of US$) and number of deals for VC in Brazil from 2011 to 2020.
Image depicting the ecosystem of Angel Investors and VCs in Brazil, categorized by Anjos, Aceleradoras, Pré-Seed + Seed, Series A, and Series B, along with typical investment tickets and dilution.
| Forma | Tipo | Descrição |
|---|---|---|
| Ofertas públicas tradicionais | Oferta por garantia firme | Banco de investimento garante levantamento de montante |
| Oferta por melhores esforços | Bancos de investimento organizam mas não garantem o recurso | |
| Subscrição privilegiada | Oferta direta | Empresa oferta novas ações a acionistas existentes |
| Ofertas não tradicionais | Diferentes modalidades | |
| Ofertas privadas | Colocação direta | Valores mobiliários vendidos direto ao comprador |
Image of a table showing initial IPO returns (average) for various countries and periods. (Ross p. 509)
Image of a stacked bar chart showing the distribution of IPO returns post-IPO over different timeframes (1-Day to 3 Yr), indexed to market benchmarks. (Source: FactSet, Nasdaq Economic Research)
Image of TABELA 15.4 showing direct costs, as a percentage of gross proceeds, for IPOs, subsequent offerings, and convertible/non-convertible debt offerings in North American companies (1990-2008). (Ross p. 512)
Image of FIGURA 15.6, an illustrative flowchart of the IPO process in Brazil, including steps like team selection, due diligence, financial information, draft offering document, CVM filing, CVM comments, red herring issuance, roadshow, pricing, underwriting agreement, and closing. (Fonte: BM&FBOVESPA e Pricewaterhousecoopers)
Image of FIGURA 15.5, a timeline showing the “ideal” contracting timeframe in relation to a public offering in Brazil: 2 to 3 years (Independent Audit), 1 year (Company’s Legal Service), 6 months (Offering Coordinator), 3 months (Coordinator’s Legal Service), leading to Public Offering. (Fonte: Adaptado de BM&FBOVESPA e Pricewaterhousecoopers)
Image of a comparative table of Bovespa listing segments: Bovespa Mais, Novo Mercado (old and new rules), Nível 2, Nível 1, and Básico, detailing requirements for capital social, free float, public offerings, shareholder rights, board composition, and accumulation of positions.
Image of a bar chart showing the number of IPOs in Brazil per year (from around 2004 to 2020), categorized by listing segment (BÁSICO, BDR, BDR Patrocinado Nível 3, MA, N1, NM, N2).
Administração Financeira - UFRGS