{"id":4873,"date":"2025-07-03T16:35:55","date_gmt":"2025-07-03T19:35:55","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/ipos-em-seca-o-verdadeiro-gargalo-pode-ser-o-tamanho-da-vitrine\/"},"modified":"2026-09-29T15:11:27","modified_gmt":"2026-09-29T18:11:27","slug":"ipos-em-seca-o-verdadeiro-gargalo-pode-ser-o-tamanho-da-vitrine","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/ipos-em-seca-o-verdadeiro-gargalo-pode-ser-o-tamanho-da-vitrine\/","title":{"rendered":"IPOs in a drought? The real bottleneck may be the size of the showcase"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Mesmo com o PIB brasileiro em d\u00f3lares triplicando nos \u00faltimos 20 anos, o n\u00famero de companhias listadas na B3 ficou praticamente estagnado.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Al\u00e9m disso, a bolsa tornou-se mais concentrada em empresas de alta capitaliza\u00e7\u00e3o de mercado. A capitaliza\u00e7\u00e3o m\u00e9dia por empresa cresceu 252% desde 2005, bem acima da infla\u00e7\u00e3o acumulada no per\u00edodo (180% do IPCA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quando analisamos o atual universo de empresas listadas, menos da metade das firmas de capital aberto \u00e9 realmente invest\u00edvel para a maioria dos gestores institucionais.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esse universo enxuto \u2013 restrito a grandes capitaliza\u00e7\u00f5es de mercado \u2013 abre espa\u00e7o para plataformas voltadas a pequenas e m\u00e9dias empresas. Na p\u00edlula de hoje, exploramos o tema e listamos iniciativas, no Brasil e no exterior, que buscam capturar essa janela de oportunidade.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 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li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>Ao longo do tempo, ocorreu uma concentra\u00e7\u00e3o de empresas com maior valor de mercado na B3<\/h2>\n  <div class=\"pil-sub\"><span>Evolu\u00e7\u00e3o do n\u00famero de empresas de capital aberto na B3 (1996-2025)<\/span><\/div>\n  <div class=\"pil-note solid\" style=\"margin:0 0 16px\">\n    <ul class=\"pil-list\" style=\"margin:0\">\n      <li><b>Entradas:<\/b> por meio de IPOs ou spin-offs<\/li>\n      <li><b>Sa\u00eddas:<\/b> decorrentes de M&amp;As, fal\u00eancias ou deslistagens volunt\u00e1rias, frequentemente por meio de OPAs<sup>(1)<\/sup><\/li>\n    <\/ul>\n  <\/div>\n  <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4873-grafico.png\" alt=\"Gr\u00e1fico de colunas e linha, de 1996 a 2025. Empresas listadas: '96 550; '97 536; '98 527; '99 478; '00 459; '01 428; '02 399; '03 369; '04 358; '05 343; '06 348; '07 404; '08 393; '09 385; '10 380; '11 374; '12 364; '13 365; '14 365; '15 358; '16 350; '17 343; '18 sem r\u00f3tulo vis\u00edvel; '19 328; '20 349; '21 397; '22 384; '23 379; '24 366; '25 365. Capitaliza\u00e7\u00e3o de mercado m\u00e9dia (BRL bn): '05 1,2; '06 1,5; '07 2,4; '08 1,4; '09 2,3; '10 2,5; '11 2,3; '12 2,5; '13 2,4; '14 2,2; '15 2,0; '16 2,4; '17 3,1; '18 3,5; '19 4,6; '20 4,9; '21 4,6; '22 4,1; '23 4,7; '24 4,3; '25 4,5. Per\u00edodos destacados: Ambiente macroecon\u00f4mico adverso e consolida\u00e7\u00e3o setorial ('97 a '04); Forte crescimento econ\u00f4mico ('06 e '07); Boom de liquidez\/IPOs ('20 e '21); Seca de IPOs ('22 a '25)\" loading=\"lazy\">\n  <div class=\"pil-src\">(1) Ofertas P\u00fablicas de Aquisi\u00e7\u00f5es<br>Fonte: B3; An\u00e1lise \u00c1rtica. Para 2025, foi considerado o n\u00famero reportado no m\u00eas de Maio. Este n\u00famero n\u00e3o inclui empresas brasileiras listadas em bolsas estrangeiras (mesmo que possua BDRs negociados na B3).<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Atualmente, o universo de empresas invest\u00edveis \u00e0 maioria dos fundos se restringe a menos de 200 companhias<\/h2>\n  <div class=\"pil-sub\"><span>An\u00e1lise do n\u00famero efetivo de empresas invest\u00edveis na B3<\/span><\/div>\n  <div class=\"pil-bars\" style=\"height:300px;gap:3%\" role=\"img\" aria-label=\"Cascata: Capital aberto reportado pela B3 365; menos Listagens inativas 37; Em processo de fechamento de capital 8; Com registro suspenso 2; resultando em Invest\u00edveis 318; menos Liquidez m\u00e9dia abaixo de R$ 2 MM\/ dia 149; resultando em Invest\u00edveis com liquidez 169\">\n    <div class=\"cur\" style=\"height:100%;background:#4f6388\"><span>365<\/span><\/div>\n    <div style=\"height:100%;background:transparent;display:flex;flex-direction:column-reverse\"><div style=\"height:89.9%\"><\/div><div style=\"height:10.1%;background:var(--pale)\"><\/div><span>37<\/span><\/div>\n    <div style=\"height:89.9%;background:transparent;display:flex;flex-direction:column-reverse\"><div style=\"height:97.6%\"><\/div><div style=\"height:2.4%;background:var(--pale)\"><\/div><span>8<\/span><\/div>\n    <div style=\"height:87.7%;background:transparent;display:flex;flex-direction:column-reverse\"><div style=\"height:99.4%\"><\/div><div style=\"height:0.6%;min-height:2px;background:var(--pale)\"><\/div><span>2<\/span><\/div>\n    <div style=\"height:87.1%;background:#4f6388\"><span>318<\/span><\/div>\n    <div style=\"height:87.1%;background:transparent;display:flex;flex-direction:column-reverse\"><div style=\"height:53.1%\"><\/div><div style=\"height:46.9%;background:var(--pale)\"><\/div><span>149<\/span><\/div>\n    <div style=\"height:46.3%;background:#4f6388\"><span>169<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\" style=\"gap:3%;font-size:12px;line-height:1.3\"><span>Capital aberto reportado pela B3<\/span><span>Listagens inativas<\/span><span>Em processo de fechamento de capital<\/span><span>Com registro suspenso<\/span><span>Invest\u00edveis<\/span><span>Liquidez m\u00e9dia abaixo de R$ 2 MM\/ dia<\/span><span>Invest\u00edveis com liquidez<\/span><\/div>\n  <div class=\"pil-src\">Fonte: B3; An\u00e1lise \u00c1rtica.<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Assim como ocorreu no Canad\u00e1 e no Reino Unido, no Brasil tamb\u00e9m h\u00e1 uma oportunidade para que novas bolsas foquem nos segmentos de pequenas e m\u00e9dias empresas<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center;background:var(--navy);color:#fff;border-radius:8px;padding:8px 12px;font-weight:700\">Hip\u00f3tese: altas barreiras de entrada para a listagem na B3<\/p>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>BEE4: \u201cbolsa de valores\u201d para PMEs<\/span><\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4873-logo-bee4.png\" alt=\"Logo da BEE4\" loading=\"lazy\" style=\"max-width:200px;margin-bottom:14px\">\n      <div style=\"display:grid;gap:12px\">\n        <div class=\"pil-card\"><span>A <b>BEE4<\/b> \u00e9 uma empresa que busca estabelecer uma bolsa de valores de acesso no Brasil voltada para <b>pequenas e m\u00e9dias empresas (PMEs)<\/b> com alto potencial de crescimento<\/span><\/div>\n        <div class=\"pil-card\"><span>A BEE4 permite capta\u00e7\u00e3o de recursos a custos mais baixos: al\u00e9m dos custos com a execu\u00e7\u00e3o do IPO (~5% do capital distribu\u00eddo na oferta p\u00fablica), atualmente os custos anuais de manuten\u00e7\u00e3o de uma companhia listada na B3 variam entre R$ ~1 milh\u00e3o e R$ ~4 milh\u00f5es, a depender do porte da empresa<sup>(1)<\/sup>.<\/span><\/div>\n        <div class=\"pil-card\"><span>In\u00edcio de opera\u00e7\u00f5es em 2021 e atualmente possui 4 companhias listadas: Cl\u00ednica Engravida, Plamev Pet, Mais Mu e Eletron Energia.<\/span><\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span><i>Cases<\/i> de sucesso internacionais<\/span><\/div>\n      <div style=\"display:grid;gap:16px\">\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:120px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4873-logo-tsx.png\" alt=\"Logos da TSX e da TSX Venture Exchange, com bandeira do Canad\u00e1\" loading=\"lazy\"><span>A <b>Toronto Stock Exchange (TSX)<\/b> possui um segmento equivalente, o <b>TSX Ventures<\/b>, com <b>mais de 1.800 companhias listadas<\/b><\/span><\/div>\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:120px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4873-logo-aim.png\" alt=\"Logo do AIM da London Stock Exchange, com bandeira do Reino Unido\" loading=\"lazy\"><span>A <b>London Stock Exchange (LSE)<\/b> opera o Alternative Investment Market (AIM), com mais de <b>700 empresas listadas<\/b>, al\u00e9m das 1.000 empresas no mercado principal<\/span><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) Pesquisa realizada pela Deloitte e B3 em 2021<br>Fonte: B3; An\u00e1lise \u00c1rtica.<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Even with Brazil&#039;s GDP in dollars tripling over the last 20 years, the number of companies listed on the B3 has remained practically stagnant.<br \/>\nAl\u00e9m disso, a bolsa tornou-se mais concentrada em empresas de alta capitaliza\u00e7\u00e3o de mercado.<\/p>","protected":false},"author":1,"featured_media":4869,"template":"","meta":[],"class_list":["post-4873","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/4873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/4869"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=4873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}