QIA's Santander Brasil offer prices below suggested tag: sources | Reuters:
"Qatar Investment Authority's sale on Wednesday of a 2.25 percent stake in Banco Santander Brasil SA priced below initial estimates, three people with direct knowledge of the deal said, reflecting the view that shares of Brazil's No. 4 listed lender remained expensive. According to the sources, who asked for anonymity because results of the deal are not public, investors agreed to pay 25 reais per unit of Santander Brasil (SANB11.SA) in the so-called restricted efforts offering. QIA and banks underwriting the deal had initially suggested a 27-real price tag, the people said. At 25 reais, QIA placed the entire 80 million units of Santander Brasil offered to domestic and global investors, the sources said. Investors, who initially balked at the suggested tag and pushed back for a lower price, placed bids worth between 2.5 times and three times the amount of units QIA had put on offer, the sources said."
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