Vittia debuts on Brazilian Stock Exchange with appreciation

Date:09-06-2021

By Leonardo Gottems, reporter for AgroPages

Biological defensives and special fertilizer company Vittia debuted on the B3 Brazilian Stock Exchange this Thursday, September 2, under the ticker VITT3.

The share price was set at BRL8.60 (US$1,66) in a restricted offer only to qualified investors, and closed with a strong increase of 16.86%, to BRL10.05, after rising 29.07% in the maximum of the day – even on a very negative day for the market in Brazil.

The initial public offering (IPO) moved BRL359 million, with around 15% of this amount going to Vittia's cash for strategic acquisitions. Founded in 1971 in the state of São Paulo, the biotechnology group is formed by the companies Biosoja, Samaritá, Granorte, Biovalens, Vitória Fertilizante and JB Biotecnologia.

According to Vittia, its mission is to raise productivity and sustainability for agricultural crops. The company pointed out that it is present in all agricultural regions of the country, having access to 1,255 rural producers of different sizes, profiles, and locations.

The group's net income was BRL530.6 million in 2020, while the net income totaled BRL85.9 million last year.

Vittia's IPO had been canceled due to “volatility and adverse capital market conditions” in recent weeks in Brazil. On August 16, Vittia announced the IPO, disclosing the indicative price range, from BRL8.60 to BRL10.30, but withdrew for the second time.