Latin America’s public listing landscape has tightened since the 2021 peak, but signs of renewal are emerging. This post looks across LATAM while keeping the spotlight on Brazil—the region’s anchor market—where a deep issuer pipeline, cross-border precedents, and structural reforms point toward a constructive next phase for equity issuance. Selective successes and structural improvements suggest the region is setting the stage for a healthier 2026+ window.
What’s Flashing in the Data
LATAM IPO activity slowed markedly after the 2021 surge (52 IPOs; ~US$16.2B). By 2024, only five IPOs raised about US$28M, and in H1 2025 the region recorded just two small IPOs (~US$0.01B). Brazil, the largest market, has been at the center of this pause: since Nubank’s landmark U.S. IPO (Dec 2021), the domestic IPO window has remained shut (last B3 IPO: Vittia, Sept 2021). High rates and macro headwinds redirected issuance to Brazil’s robust debt market, which hit a record US$120B in 2024.
Beneath the surface, however, the equity pipeline remains deep. B3 leadership referenced 100+ companies preparing for IPOs—evidence that issuer readiness is intact and waiting for the right window. Meanwhile, cross-border listings regained prominence globally in H1 2025, climbing to record levels as a share of deals.
Quick highlights:
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LATAM fintech funding surged from ~US$4.1B (2020) to ~US$15.7B (2021), underscoring depth of innovation and investor appetite.
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MILA integration links the exchanges of Chile, Colombia, Mexico and Peru—broadening access for investors/issuers and reinforcing regional market plumbing.
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Cross-border listings matter: selective LATAM issuers tapped U.S. markets with scale (e.g., BBB Foods US$677M IPO in 2024; US$593M follow-on in Q1 2025; Auna US$360M US IPO in 2024).
Broader Market Context
Even as domestic windows narrowed, LATAM’s cross-border channel delivered credible proof points. BBB Foods (Mexico) listed on the NYSE in 2024 (US$677M) and executed a US$593M follow-on in 2025, while Auna (Peru)raised US$360M in a U.S. IPO. These deals illustrate the value of international venues when local conditions are tight.
In Brazil, structural evolution continues: the planned Base Exchange in Rio de Janeiro—backed by Mubadala—adds competitive optionality alongside B3, with project leads now guiding toward an operational start by April 2026. This comes as Brazil’s sovereign taps international markets successfully, reinforcing pricing benchmarks for corporates.
What the Trends Suggest
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Pipeline strength: With 100+ Brazilian companies IPO-ready, pent-up supply may release quickly as rates normalize and volatility fades.
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Cross-border pathways: Landmark precedents (e.g., Nubank) and the PicPay/Rappi pipeline show international venues remain open to well-prepared LATAM issuers.
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Fintech leadership: Brazil anchors the region’s fintech wave; AI, regtech, and early stablecoin experiments are shaping future public-market stories.
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Structural renewal: New exchange infrastructure (Base Exchange) and regional integration (MILA) suggest a more diversified architecture for the next cycle.
Sector Focus: Fintech, Healthcare & Others, Stablecoins & Emerging Tech
Fintech
LATAM fintech remains the region’s flagship: funding jumped from ~US$4.1B (2020) to ~US$15.7B (2021). Bellwethers include Nubank (U.S. IPO 2021), while pipelines feature PicPay (Brazil) and Rappi (Colombia) exploring U.S. listings. Themes for 2025+: AI-driven underwriting, regtech adoption, and embedded finance.
Healthcare & Others
Selective cross-border deals—Auna (Peru) US$360M U.S. IPO—show investors will back regional category leaders with scale and governance. Retail strength is evidenced by BBB Foods (Mexico) with a sizable U.S. IPO and follow-on in 2025.
Stablecoins & Emerging Tech
While no LATAM pure-play “stablecoin” listings have emerged yet, experimentation across payments and settlement is widening, supporting deeper fintech infrastructure and future public-market optionality. Cross-border IPO activity globally hit a multi-year high in H1 2025—an encouraging backdrop for regional innovators targeting international venues.
Key Takeaways
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LATAM IPOs have been scarce since 2021, but selective cross-border deals (BBB Foods, Auna) demonstrate that markets remain open to compelling stories.
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Brazil’s domestic IPOs are paused, yet the issuer pipeline is deep and the debt market is active—signaling durable investor engagement and future equity potential.
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Fintech leads the growth narrative; AI, regtech, and stablecoin adoption strengthen the case for future listings, with Brazil central to the region’s evolution.
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Infrastructure matters: MILA’s integration and Brazil’s new exchange initiative point to better plumbing and broader investor access for the next cycle.
3Dots & the São Paulo IPO & Capital Markets Conference
At 3Dots Capital Advisory, we help issuers translate readiness into results—shaping equity stories, aligning governance and investor positioning, and navigating U.S. and cross-border listing strategies.
Join us at the IPO & Capital Markets Conference • São Paulo (November 5–6, 2025), featuring Nasdaq and leading market voices. We’ll dig into Brazil’s pipeline, LATAM cross-border dynamics, and the execution playbooks that convert opportunity into durable public-market performance.
👉Reserve your personal invitation, contact:
