B3 (Brazil): Listing Requirements and IPO Guide

Headquarters

São Paulo, Brazil

Region

Latin America

Market Focus

Large Cap & Commodities

Overview

B3 was created in 2017 through the combination of BM&FBovespa and Cetip, and operates Brazil's equity, derivatives and fixed income markets. It is the largest exchange in Latin America.

Its Novo Mercado segment, launched in 2000, requires higher governance standards, including issuing only shares that carry voting rights.

Known For

Commodity, mining, energy and agribusiness companies
Banks and financial services
Novo Mercado and its governance standards
Large derivatives and interest rate markets

Listing Considerations

The Comissão de Valores Mobiliários (CVM) regulates the market
A Novo Mercado listing signals strong governance to investors
IPO windows are closely linked to interest rates and the currency
Brazilian companies often weigh a US listing as an alternative

Key Facts

Founded

2017 (Bovespa from 1890)

Operator

B3 S.A.

Regulator

Comissão de Valores Mobiliários (CVM)

Main Index

Ibovespa

Currency

Brazilian real (BRL)

Trading Hours

Approx. 10:00 a.m. – 5:00 p.m. Brasília time (adjusted seasonally)

Market Segments

Novo Mercado, Nível 2, Nível 1, Bovespa Mais, Basic

Official website →

Listing Requirements

Registration with the CVM as a publicly held company and an approved offering
Novo Mercado: only voting shares, a free float of at least 25% (or 15% for highly liquid companies) and enhanced governance
Bovespa Mais: an access segment for smaller companies, with gradual free float targets
Financial statements under IFRS

Summary of B3 listing segments from the Novo Mercado regulation, checked November 2026.

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B3 (Brazil)