Oceânica Engenharia could break the 'fast' of initial share offerings on the Stock Exchange

Oceânica Engenharia, until now a name that did not appear on the lists of potential IPOs in 2024, could break the “fast” of initial public offerings (IPO) on B3. The Stock Exchange has had no new company launches since August 2021.

The company officially announced this Wednesday, the 17th, its intention to carry out an IPO and could come to the market in the first half of 2024. The value of the transaction is not yet certain, but it is estimated to raise at least R$1 billion , a level that is starting to be attractive for attracting foreign investors.

Oceânica plans to use an innovation brought about by the new rules of the Securities and Exchange Commission (CVM), automatic registration, which makes operations more agile. Since January 2023, it has been possible to make offers without registering with the CVM, as long as they have already been analyzed by the Brazilian Association of Financial and Capital Market Entities (Anbima).

Anbima is already carrying out, in a private capacity, an analysis of Oceânica documents. If everything is correct, just add a presentation sheet and the prospectus, and the distribution of papers can begin.

The offer will have a primary part, with the issuance of new shares and where the money will go to the company's cash flow, and another secondary part, with resources for shareholders – in this case, businessman Alfredo Califfa, who owns 100% of the company.

In the first division of the contract, the money raised will be used for “acquisition and customization of vessels, acquisition of machinery and equipment, and increasing the company's cash position”, according to the operation statement.

Founded in 1978 by Califfa, who at the beginning of his career was a professional diver, the company specialized in subsea solutions for the offshore energy industry, taking advantage of the entrepreneur's experience at the bottom of the sea.

In the beginning, Oceânica mainly served hydroelectric plants and port facilities, later evolving into the oil sector. Currently, it has more than 200 professional divers.

Oceânica had revenues of R$684 million from January to September 2023, growth of 40.1% in 12 months. Net profit was R$19 million. The company's net debt was R$564.8 million at the end of the third quarter of last year.

To coordinate the IPO, Oceânica hired BTG Pactual, Itaú BBA, UBS BB, Bradesco BBI, Santander and ABC Brasil.