On October 31, 2017, Nexa Resources S.A. (formerly, VM Holding S.A.) (Nexa) and Votorantim S.A. (Votorantim) completed the initial public offering of 35,650,000 common shares (including full exercise of the over-allotment option on closing) of Nexa on the TSX and NYSE at a price of US$16.00 (C$20.69) per share for aggregate gross proceeds to Nexa and Votorantim of US$570M (C$728M). Nexa is a global zinc producer with over 60 years of experience developing and operating mining assets in Latin America. Nexa operates and owns five long-life underground mines, three located in the Central Andes of Peru and two located in the state of Minas Gerais in Brazil. The offering represents the third largest mining company initial public offering in TSX history and the largest mining IPO of a Latin American focused company on the TSX.
J.P. Morgan Securities LLC, BMO Nesbitt Burns Inc., Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC acted as global coordinators in the offering. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Scotia Capital Inc., Banco Bradesco BBI S.A. and Credicorp Capital Sociedad Agente de Bolsa S.A. acted as joint bookrunners in the offering. ABN AMRO Securities (USA) LLC, Banco do Brasil Securities LLC, Macquarie Capital Markets Canada Ltd., MUFG Securities Americas Inc., National Bank of Canada Financial Inc. and RBC Capital Markets, LLC acted as co-managers in the offering.
Nexa and Votorantim S.A. were represented in Canada by Jay Kellerman, Ivan Grbešic, Ramandeep Grewal, Steven Bennett, Julia Dmitrijeva and Christian Vieira (securities), Dean Kraus, Lindsay Gwyer and Eryn Fanjoy (tax) of Stikeman Elliott LLP; and in the US by Cleary Gottlieb Steen & Hamilton LLP. The Cleary team included Nicolas Grabar, Francesca Odell, Juan Giráldez, Alejandro Canelas Fernandez, Amber Payne and Karina Cardozo de Oliveira (securities), Erika Nijenhuis and Julian Cardona (tax), Elizabeth Chang (NYSE and FINRA) and Mary Alcock (employee benefits). All lawyers are based in New York except for Juan Giráldez, who is based in São Paulo.
The underwriters were represented in Canada by Frederico Marques, Andrew Parker, Gary Litwack, Michael Nicholas, Ryan Hornby, Claire Gowdy, John Murray (securities), Patrick McCay and Justin Shoemaker (tax) of McCarthy Tétrault LLP; and in the US by Skadden, Arps, Slate, Meagher & Flom LLP. The Skadden team included Mathias von Bernuth and Filipe Areno (corporate finance) and Jonathan Lewis (corporate) in São Paulo; Paul Schnell (M&A) in New York; and Riccardo Leofanti (corporate finance) in Toronto.