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With Focus on Global Expansion, A Factory of Ovens in the Interior of Minas Moves Toward the Madrid Stock Exchange and Attracts European Investors.
Prática, a factory of ovens in the interior of Minas on its way to the Madrid Stock Exchange, has officially initiated the process to enter Spain’s stock market.
The company, founded in Pouso Alegre and specialized in equipment for industrial kitchens and baking.
The goal is to finance new investments, expand operations, and create space for future acquisitions while seeking more competitive financial conditions outside Brazil.
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IPO in Madrid: Why Prática Chose BME Growth
The decision to go public abroad comes at a time when several Brazilian companies are evaluating international alternatives to escape low domestic liquidity.
While some companies aim for exchanges like NYSE and Nasdaq, Prática opted to debut on BME Growth, a segment focused on small and medium-sized growing businesses.
According to CEO André Rezende, the listing in Spain meets both a strategic and financial need.
He points out that the cost of capital in Brazil becomes an obstacle for industrial companies.
“Our main competitor for capital in Brazil is the government itself, which pays 15% a year, and raises the cost to almost 20% for us,” he states.
Furthermore, the choice of Madrid was not coincidental.
An agreement between BME and B3 allows for dual listing, ensuring that Brazilian investors can trade shares issued in euros.
Prática will be the first company in Latin America to directly access BME Growth in this format.
A Factory of Ovens in the Interior of Minas Moving Toward the Madrid Stock Exchange and the International Leap
Founded in 1991 by André Rezende and his brother, Luiz Eduardo, in Pouso Alegre, Prática grew quietly until becoming a global reference in the sector.
Today, it sells to over 50 countries, responsible for 20% of the expected revenue of R$ 470 million in 2025 and projected at R$ 540 million for 2026.
The current valuation of the manufacturer is around 100 million euros, and the expectation is to hire a bank in the coming weeks to intensify engagement with European investors and strengthen the roadshow for the offering.
Governance, Dual Listing, and the Next Steps
Although the company already has publicly traded capital in Brazil listed under the ticker PTCA3, its shares have no liquidity.
Nonetheless, the company has always maintained a discipline of publishing financial statements, a practice required during the decade it had BNDESPar as a shareholder.
On BME Growth, there is also no expectation of immediate liquidity. Rezende is clear in defining the priority:
“Our goal is not to have strong trading in the market right now.
We hope to attract investors who can support the investment with smart money, to grow.
The executive further states that the initial focus will be to strengthen governance, maintain margins, and sustain the history of continuous growth.
“Our goal is to maintain a consistent growth track record while preserving margins. It’s not about the size of the company, it’s about the value of the company.”
Toward a Valuation of 300 Million Euros
To achieve a solid position in the continuous market, the company estimates that it needs to reach a valuation of 300 million euros, a milestone that Rezende believes is possible within four years after the IPO.
The migration could occur either to the main segment of the Madrid Stock Exchange or a potential dual listing on B3.
The CEO emphasizes that going public is a decisive step for the longevity of the business:
“For a company like Prática to become enduring, it needs to go public,” he says, citing family groups like Weg, Marcopolo, and Gerdau as inspiration.
However, the brothers do not intend to relinquish control.
“One of the goals of the IPO is to have the capacity to maintain independence.”
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