Desktop Completes Initial Public Offering on the São Paulo Stock Exchange (B3)
07.26.21
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The Firm represented Desktop – Sigmanet Comunicação Multimidia S.A. (“Desktop”) in connection with its initial public offering on the São Paulo Stock Exchange (B3) at a public offering price of R$23.50 per common share. The offering raised R$715.2 million in gross proceeds (excluding the underwriters’ over-allotment option) to Desktop.
The common shares were offered to certain qualified institutional buyers under Rule 144A in the United States and to non-U.S. persons outside the United States in reliance upon Regulation S. Desktop’s common shares began trading on the B3 under the ticker symbol “DESK3” on July 21, 2021.
Desktop is one of the largest internet service providers (“ISP”) platforms in Brazil and the largest ISP platform in the State of São Paulo (excluding the city of São Paulo), primarily operating in the market of broadband internet services with high-speed fiber optic technology directed to the individual customers. Desktop operates more than 16,500 km of proprietary fiber networks, with more than 321,000 active customers in 53 cities in the countryside of the State of São Paulo.
The Simpson Thacher team included Grenfel S. Calheiros, Luiz F. Noronha, Isabel de Carvalho e Silva and Fabiano Maia (Capital Markets); and Andrew Purcell and Dmitry Zelik (Tax).