Shares in Brazilian aircraft manufacturer Embraer were trading at R$18.49 ($8.22) on Wednesday morning following the company’s listing on the Novo Mercado section of Brazil’s Bovespa stock exchange in São Paulo on Monday.
The listing is the final stage in a recapitalisation plan announced earlier this year that saw Embraer convert all its preferred shares into ordinary shares. The plan was designed to fund the company’s expansion overseas and new projects.
The listing if for the 'New Embraer' company formed after a recapitalisation plan, which will now assume the 'Embraer' name, with the older structure now referrred to as 'Old Embraer'.
Embraer’s American Depository Receipts (ADR) representing four ordinary shares each are trading on the New York Stock Exchange (NYSE) at $32.75.