The actions of electrobras operate in decline this Monday (13), the day of the company’s debut on the stock exchange after the conclusion of its capitalization with primary and secondary offerings both in Brazil and in the United States.
At around 11:12 am, the action company’s common stock (ELET3) fell 2.59%, quoted at R$ 39.94. On the other hand, the share receipt (ADR) traded on the stock exchange New York (EBRb) was down 2.04%, at US$ 7.70.
For Flavio Conde, equity analyst at Levante Investimentos, the performance in this session is linked to an unfavorable scenario as a whole for the market, with a general fall in the Ibovespa amid greater pessimism among investors, who have intensified projections of a recession in the United States.
However, he believes that this is not the only cause. The first reason for the performance would be the fact that the share rose 40% in 2022, much more than the Ibovespa, indicating that “part of the privatization had already been priced”.
Another reason, he says, is that stock offerings already tend to supply investor demand for the paper, that is, it is uncommon for buyers to have demand the next day, facilitating declines. He cites initial public offerings as similar cases (IPOs ) of Nubank and Raízen.
Conde points out, however, that people who used the Severance Indemnity Fund (FGTS ) to buy Eletrobras shares should not worry. “Whoever entered is to see the money grow in 10, 20 years. If it drops for 1 week, 1 month, 6 months, no problem, you have to see the price in 10, 20 years, and it will be another company, much better, and worth more than it is today”.
From origin to privatization: understand the history of Eletrobras
Eletrobras’ share offerings were made by the federal government and BNDESpar, priced at BRL 42 . The minimum price set by the federal government for the shares was kept confidential, but according to the material fact disclosed by Eletrobras, the pricing reached a value equal to or greater than the minimum determined.
According to the document, the fixed price per share involves a total amount of BRL 29.29 billion, up from BRL 22.05 billion if the minimum price had been followed. Considering the supplementary lot that will be offered by BNDESPar, the total reaches R$ 34 billion.
The value is close to the government’s expectation, of R$ 30.69 billion, calculated from the closing of May 26, when the common share (ELET3) had a price of R$ 44.
With the process, the government gives up being the controlling shareholder of Eletrobras and will have 45% of the share capital compared to the current 72.2%. However, he will have the so-called “golden share”, a mechanism that allows him to veto decisions that may go against the national interest.
Eletrobras’ capitalization process started in 2021, and it spent a few months on hold while waiting for approval by the Federal Audit Court (Tribunal de Contas da União) (TCU ). the organ approved both the capitalization model as for the estimates of total movement with the operation, around R$ 67 billion.
Of this total, R$ 25.3 billion are in grants paid to the National Treasury for the right to use Eletrobras’ hydroelectric plants. Another R$32 billion will go to the Energy Development Account (CDE), with the aim of relieving electricity bills from 2023.
Source: CNN Brasil
