Markets · Brazil
—The stakes. São Paulo remains Latin America’s densest financial hub despite a public equities contraction that has seen 21 companies delist from B3 since early 2025.
—The exchange. B3 held about 358 listed companies at end-2025 with zero IPOs that year. The drought broke on 11 May 2026, when the gas and energy distributor Compass listed and raised about R$3.2bn.
It has been the only one so far. Roughly fifty companies hold the registration needed to follow, and most are waiting for October’s election to pass.
The exchange changed the rules to help. A regime launched in January lets companies with revenue below R$500m list first and sell shares later, with up to two years to complete the offering.
