Business

Parking operator is Brazil’s first ‘online’ IPO

Amid the pandemic parking operator Allpark goes public in São Paulo, with the entire process held online for the first time in history

Parking operator is Brazil's first 'online' IPO
Photo: Dencg

Instead of the traditional confetti and bell-ringing on the trading floor, a Zoom video-conference broadcasted on YouTube welcomed parking operator Allpark to São Paulo’s stock exchange (B3) on May 15. Besides the changes to the traditional initial public offering (IPO) ceremony, the owner of the Estapar brand of parking lots is also innovating in the entire process of going public during a pandemic.

As explained by André Iasi, Estapar’s chief executive officer, the entire book-building process — the pre-IPO hype designed to raise investors’ appetite for shares — was carried out entirely online, due to the coronavirus-imposed quarantine....

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