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BR · Americas · Novo Mercado
B3 — Brasil Bolsa Balcão
B3 S.A. · São Paulo · BRL
Largest Latin-American venue; Novo Mercado sets a high governance bar.
Eligibility · Meridian Renewables (example)
Conditional
1 requirement(s) not yet met — see eligibility below.
Min market cap
$60M
admission floor
Min free float
25%
public hands
Est. all-in
6.7%
on $700M
Time to list
24–28w
from kickoff
Regulator
CVM
oversight
Eligibility check
✓
Market capitalisation
Requirement: ≥ $60M
$4.8B
✕
Free float
Requirement: ≥ 25%
~15%
✓
Operating history
Requirement: ≥ 2 yrs
11 yrs
✓
Profit / revenue test
Requirement: No fixed profit test
Profitable
!
Governance standard
Requirement: Novo Mercado (strict)
Gaps
✓
Accounting
Requirement: IFRS
IFRS
Rules as of 2026-Q2 · source: B3 Novo Mercado / Listing Regulation (CVM, BR). Compiled summary — validate against the primary source before filing.
Fees & cost
Est. all-in · $700M raise$47M 6.7%
Underwriting spread5.5% · $39M
Initial listing feeR$0.5M
Annual feeR$0.2M
Legal · audit · IR · other$8.2M
Total all-in$47M (6.7%)
Market quality & investors
Liquidity★★★☆☆
Analyst coverage★★★☆☆
Retail participation★★★☆☆
Institutional depth★★★☆☆
Index inclusion
Ibovespa
Aftermarket: +9% avg first-day
Process & sectors
Typical time-to-list24–28w
RegulatorCVM
Dual / secondary listingNot standard
Min public shareholders—
Sector strength
FinancialsConsumerEnergyAgribusiness
Notable listings: Raízen, Nubank (US dual)
Model B3 in the Decision Center ▸Compare venues
B3 — Brasil Bolsa Balcão IPO Listing Requirements & Cost · IPOQB