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Cosan group company enters the financial market after almost five years without public offerings, moving billions and rekindling interest in IPOs in Brazil
Compass’s debut on the Brazilian stock exchange marks an important moment for the financial market. After almost five years without new public offerings, the company controlled by Cosan arrives at B3 with an IPO that could move up to R$ 3.2 billion. The information was disclosed by “g1”, based on documents presented to the market and official company data, highlighting the impact of this operation on the current economic scenario.
Furthermore, Compass debuts under the ticker “PASS3”, with a price set at R$ 28 per share, at the lower end of the estimated range that reached R$ 35. With this, the company achieves a valuation close to R$ 20 billion, consolidating itself as one of the main players in the natural gas sector in Brazil.
At the same time, this movement signals a possible resumption of initial public offerings (IPOs) in the country, after a long period of retraction caused by high interest rates and economic uncertainties.
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What Compass does and why it moves billions
To understand Compass’s relevance, it is essential to analyze its operations in the energy sector. The company operates in different stages of the natural gas market, including distribution, infrastructure, and commercialization.
Among its main assets is its stake in Comgás, considered the largest piped gas distributor in the country, with a strong presence in the state of São Paulo. In addition, Compass holds stakes in other important distributors, such as Sulgás (RS), Compagás (PR), MS Gás, and SCGás.
Another strategic point involves the operation of the São Paulo Regasification Terminal (TRSP), located in the Port of Santos. This terminal is responsible for importing liquefied natural gas (LNG), which arrives in Brazil by ship and is converted back into gas to supply the national market.
Consequently, the company plays an essential role in the energy chain. Currently, Compass serves approximately 3.1 million customers, operating a network of about 28,000 kilometers. Through this infrastructure, approximately 14.4 million cubic meters of gas are distributed daily.
Furthermore, since 2020, the company’s investments have totaled approximately R$ 15 billion, demonstrating its strategy of expansion and consolidation in the sector.
Understand the IPO numbers and the offering structure
Compass’s IPO draws attention not only for its value but also for its structure. Initially, the offering involved 89.3 million shares, totaling approximately R$ 2.5 billion. However, due to strong demand, additional tranches were included, raising the total value of the operation by approximately R$ 700 million.
Thus, the IPO could reach approximately R$ 3.2 billion. It is worth noting that the operation is entirely secondary, meaning it does not involve the issuance of new shares. This means that the funds raised do not go to the company’s cash reserves, but rather to the selling shareholders.
Among these investors are Cosan itself, funds from Atmos and Brasil Capital, as well as Bradesco Vida e Previdência and the Bússola group. This operation directly contributes to strengthening Cosan’s cash flow, which seeks to reduce its debt level.
At the end of 2025, Compass reported a net equity of R$ 7.43 billion. Its total adjusted capitalization, which includes equity, loans, financing, and debentures, reached R$ 25.36 billion.
Furthermore, the offering was directed exclusively to professional investors, such as funds, banks, and financial institutions. Coordination was handled by BTG Pactual, with participation from institutions such as Bank of America, Citi, Itaú BBA, Santander, JPMorgan, XP, BNP Paribas, and UBS BB.
Why Brazil went almost five years without IPOs
Compass’s debut also draws attention for ending a long period without new companies on the stock exchange. The last IPO in Brazil had occurred in September 2021, with Vittia, being the 45th of that year.
This interval is directly related to the economic scenario. In recent years, the Selic rate reached 15% per year, the highest level in about two decades. Currently, the rate is at 14.50% per year, with an expectation of a drop.
Consequently, investors began to prioritize fixed-income investments, which offer greater predictability and lower risk. Furthermore, concerns about public accounts also contributed to reducing interest in IPOs.
However, the scenario is starting to change. Projections indicate a possible drop in the Selic rate to 13% per year and, subsequently, to 11% by 2027. Thus, the environment tends to become more favorable for new public offerings.
Therefore, Compass’s debut is not just an isolated event. It could represent the beginning of a new phase for the Brazilian capital market, rekindling the interest of companies and investors.
Do you believe this IPO could mark the beginning of a new phase of growth for the Brazilian stock market, or is it still too early for this recovery?
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