Changes to the Allocation of Offers in Initial Offerings

On December 4, 2024, the CNV issued General Resolution 1034, introducing the possibility of increasing the allocation percentage in auctions or public tenders for the non-competitive section (currently capped at 50%) when, after allocating offers in the competitive section, capacity remains to include additional participants to the non-competitive section. In such cases, the 50% limit may be increased to the percentage necessary to cover the total amount offered by the issuer.

The Resolution also establishes that trading orders submitted by investors who are holders of other securities of the same issuer subject to swaps and/or eligible for subscription in kind will be excluded when calculating and implementing a non-competitive section.

This easing of the limit applicable to the non-competitive section contributes to maximizing the placement of securities, avoiding the creation of idle remainders, and improving the efficiency of the issuance process. This measure minimizes the risk of the issuance being declared deserted, whether due to lack of justification or for having reached the financing objective, which could entail additional costs for issuers when organizing a new offering.