Compass Debuts on B3 in R$3.2 Billion All-Secondary IPO at R$28

Overview

• Compass, which began trading Monday under the ticker PASS3, priced its shares at R$28 and moved about R$3.2 billion for selling shareholders.
• The offering was fully secondary, so the cash goes to current owners such as Cosan and fund investors rather than to the company.
• Cosan cut its stake from 88% to roughly 77.25%, with a possible drop to 75.37% if the extra allotment is sold, as part of a push to reduce debt.
• The deal ends about four and a half years without an IPO on B3 and could spur more listings as investors show fresh interest in Brazilian equities.
• Compass holds major gas assets including a large stake in Comgás and the São Paulo LNG regasification terminal, serves about 3.1 million customers, and has invested roughly R$15 billion since 2020.