Conyers advised G2D Investments, Ltd. (“G2D”) on the initial public offering of its Class A common shares and Brazilian depositary receipts (“BDRs”), each BDR representing one Class A common share, for an aggregate amount of approximately R$260 million. The BDRs trade on the São Paulo Stock Exchange and the Class A common shares trade on the Bermuda Stock Exchange. The securities sold in the international offering were placed under Rule 144A and Regulation S.
G2D’s IPO was ground-breaking: it was the first dual-listing involving a primary listing of shares on the Bermuda Stock Exchange supporting BDRs that are listed on the São Paulo Stock Exchange.
G2D is an investment vehicle and portfolio company of GP Investments, Ltd. that is focused on investment opportunities in pre-IPO tech and tech-enabled companies with high growth perspectives in Brazil, the United States and Europe. G2D’s current investments in this space are four fintechs (Blu, CERC, Sim;Paul and Mercado Bitcoin) and one edtech (Quero Educação).
Marcello Ausenda and David Stubbs worked with Jacari Brimmer-Landy and Aleisha Hollis and teams from Skadden, Arps, Slate, Meagher and Flom and Barbosa Müssnich Aragão. Davis Polk and Pinheiro Guimarães acted for underwriters BTG Pactual, Bradesco BBI, Credit Suisse and XP Investimentos.