By Brazil Stock Guide – BR Partners (BOV: BRBI11), an independent Brazilian investment bank, will start trading Level II American Depositary Receipts (ADRs) on Nasdaq (NASDAQ: BRBI) on September 17. The move seeks to attract institutional investors, narrow the valuation gap with U.S. peers, and boost liquidity.
According to the company’s official filing with Brazil’s securities regulator, each ADR will represent four units traded on B3, with Citibank N.A. as depositary. The securities will be denominated in U.S. dollars and traded under the ticker BRBI, in compliance with Nasdaq’s settlement and regulatory framework. The company stressed that the program does not involve a public offering, capital increase or fundraising.
On Friday (Sept. 5), BRBI11 units closed at R$16.75 (US$3.10), up 1.52%, with 379,500 units traded. Average daily liquidity stands between R$4 million and R$5 million (US$740,000 to US$925,000), and management expects the dual listing to help expand that volume.
Ricardo Lacerda, the bank’s founder and controlling shareholder, said in local reports the low liquidity of the shares has been the main complaint among investors. He added that the Nasdaq listing aims to draw long-term partners, particularly small-cap funds in the financial sector.
Low liquidity and hunt for new investors
The listing underscores BR Partners’ internationalization strategy while maintaining its primary presence on B3. The bank expects dual trading in Brazil and the U.S. to reduce reliance on retail investors, who currently hold nearly 60% of its free float.
BR Partners posted net income of R$45.2 million (US$8.4 million) in the second quarter, down 13% from a year earlier, while quarterly revenue rose 9.3%.
Founded in 2009 and listed on B3 in 2021, the firm competes with global and local investment banks in M&A, capital markets and asset management. The Nasdaq move is seen as a strategic step to improve liquidity and visibility without diluting existing shareholders.
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