July 23, 2020

Milbank Advises on First-Ever IPO of Gold Production Company Listed on the São Paulo Stock Exchange


Milbank LLP represented the syndicate of banks in the R$790.1 million (over US$100 million) offering of Brazilian Depositary Receipts (the “BDRs”) representing shares of Aura Minerals Inc. Aura Minerals’ offering of Brazilian Depositary Receipts was the first-ever IPO in Brazil with restricted selling efforts to institutional investors relying on Brazilian Securities Commission Instruction 476/2009. After the IPO, Aura Minerals became the first gold production company to be listed on the São Paulo Stock Exchange.

The BDRs were also offered to qualified institutional buyers in the United States under Rule 144A; to non-US persons outside the United States and Canada in reliance on Regulation S; and to certain accredited investors (as defined under applicable Canadian securities laws) in Canada on a private placement basis.

Aura Minerals Inc. is a mining company focused on the production of gold and copper on the American continent, and listed on the Toronto Stock Exchange.

The Milbank team advising the banks included Capital Markets partner Fabiana Sakai and associates Pedro Silva and Amanda Trés, as well as Tax partner Andrew Walker and associate Corey Spector.