Porsche’s IPO could be the 3rd largest in Europe, PF investigates INSS fraud and what matters in the market

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IPO can value Porsche at nearly R$400 billion

Volkswagen announced on Sunday that it plans to lift 8.7 billion The 9.4 billion euros (R$ 49.7 billion) in the IPO of Porsche. The shares are expected to start trading on the Frankfurt Stock Exchange on September 29.

In numbers: the estimated price range is from 76.50 euros to 82.50 euros (R$ 436) per share, in what would value the sports car maker in 70 billion The 75 billion euros (R$ 396.9 billion).

• If the offer happens at the top of the estimated range, it will be the third largest IPO in the history of European stock exchanges, according to data from Refinitiv.

The offer is surprising not only because of its high value, but also because it comes at a sour time for the global stock market. Currency tightening in the US and other major economies has dampened investor appetite for equities and serves as a disincentive to IPOs.

In family: the listing will be of preferred shares only (no voting rights). Control of the company will remain from Porsche Automobil Holding, a family fund of the brand’s founder who is also Volkswagen’s largest shareholder.

• The two companies also share the CEO. Oliver Blume has been president of Porsche since 2015 and was announced in July to fill the same role at Volkswagen.

Itaú BBA criticizes Nubank’s decision

Nubank’s decision to cease being a publicly traded company in Brazil is negative for the company’s governance and for minority investors as it reduces the level of transparency of fintech operations, according to analysts at Itaú BBA.

For them, as fintech will only have to report to the SEC (American CVM), the level of information to Brazilian investors should be poorer.

Danielle Lopes, from the analyst firm Nord Research, says that the choice of Nubank was made with the aim of trying to keep customers away from bad news about the performance of its shares.

The company stated that the proposal aims to “maximize efficiency and minimize consequential redundancies of a publicly traded company in more than one jurisdiction”. The day after the announcement, the shares fell 4.5% on the New York Stock Exchange (NYSE).

Understand: Nubank will leave the level III BDRs program, which requires it to be registered with the B3 and be inspected by the CVM, to move to the level I BDR.

Investors – including those who participated in the NuSócios program, which offered a BDR to clients – will have three options to convert their shares:

• Exchange your receipts for class A common shares traded on NYSE, at the rate of 6 BDRs for each share. For this, they must have at least 6 BDRs and an account with an international broker.

• Exchange level III BDRs for level I securities, on a one-to-one basis, and continue trading the asset on B3.

More about financial markets:

Brands from the 1980s live a revival

Brands such as Kichute, Mobylette, Telefunken and a range of toys – Strawberry Shortcake, Fofolete, Aquaplay and Hold It If You Can – are being relaunched to lure the 1980s generation into a revival.

What explains: the bet on resuming these references or on licensing the names – as is the case with Kichute, which will become a streetwear footwear brand – is not only to attract consumers who lived in the 1980s, but also to seek to convey this consumer trend, rooted in its memory, for the current generation.

• But reviving these brands is no guarantee of success, and Mappin and Mesbla, which have not yet made it into this round, are there to prove it, says Ana Duque-Estrada, marketing professor at ESPM’s communication and advertising course.

Some recent releases:

• Strawberry Shortcake, Fluffy, Aquaplay and Hold On: the two dolls have already been relaunched by the manufacturer Estrela, while the two games will be on sale again from Children’s Day.

• mobile: Caloi launched 2,000 units of the new version of the moped in March and by August had already sold everything to retail. It just didn’t produce more due to the scarcity of components that come from China. The updated version is electric and has a suggested price of BRL 9,199.

• Kichute: the classic boot brand that marked the 1970s generation returns as a footwear brand. The products should arrive by July of next year.

• Telefunken: the most remembered brand at the beginning of the color TV era in Brazil, in the 1970s, returns with an extensive line of small appliances – from mixers to headphones. The brand is licensed and the products are from Chinese manufacturers.

PF avoids almost BRL 500 million in INSS fraud

The PF (Federal Police) identified a suspicion of fraud in INSS servers that could reach BRL 486 million in benefit payments.

More than 13,000 benefits that would be paid are under investigation, including the prison aid.

Understand: the alleged frauds were carried out through accessing the passwords of 29 INSS servers, which must have been hacked, according to the PF.

• With access to the agency’s system, criminals were able to reactivate benefits and change bank account data so that payments were made to accounts other than those of the recipients of aid.

• After the PF alert, which began the investigation in June, the INSS called financial institutions to block the payment of irregular benefits.

In numbers: of the total of R$ 486 million in benefits under suspicion of fraud, the PF will still investigate to know which would be paid irregularly and which were regular.

Counterattack: this month, the INSS distributed tokens to add an additional layer of security to the access of the agency’s servers to beneficiary data and the system that authorizes the granting of benefits.

• In addition to the device, which must be connected to the computer, there is also the server password and an authentication code that is sent to his cell phone.