BODI11 Initial Offering Completed!
On February 23, we closed BODI’s initial offering, raising a total of R$278 million from 3,382 investors, almost all of them individuals, with an average investment of R$82,000.
The offering brought together three of the market’s largest financial institutions, with Itaú BBA as lead manager and Santander and UBS-BB as co-managers.
It also included other participating institutions, such as Bradesco, BTG and XP, among others.
Although a few FI-Infra initial public offerings (IPOs) took place in the second half of 2025, they had a single coordinator and/or limited distribution. Launching a new fund is not easy, especially for independent asset managers.
This was the first time all these distribution channels had participated together in an FI-Infra offering. We are honored by this recognition of the quality of Bocaina’s work as an asset manager specializing in infrastructure. Moreover, all of these distributors have their own infrastructure funds, yet they still distributed BODI, demonstrating the distinctive nature of our strategies.
We thank all the investors who placed their trust in our work and chose to invest in the offering. We are especially grateful to Itaú BBA, which gave us the initial opportunity to build a strong underwriting syndicate for the offering. We are equally grateful to Santander and UBS-BB, which played a decisive role in raising very significant amounts.
Beyond the substantial amount raised, distribution through multiple channels resulted in a diversified unitholder base unlike that of any other newly launched fund. A diversified investor base contributes to a healthier secondary market for fund units.
In addition, BODI11 is the first listed fund to begin trading with its unit buyback provision already enabled, allowing the manager to purchase units in the secondary market when they trade at a discount to net asset value.
Finally, the fund launches with an active market maker to support the liquidity of its units on the stock exchange. These three pillars—a diversified investor base, a buyback program and a market maker—provide an important protective structure as the fund begins its journey.
