Bradesco recorded subscriptions worth R$6.5 billion in the first stage of its planned capital increase. Investors subscribed for 402.47 million new shares from a potential total of 604.85 million. That left 202.38 million shares available for a follow-on allocation. The remaining subscription period is scheduled for 21 to 25 September 2026.
The Brazilian bank announced the transaction in July with a minimum target of R$8 billion and scope to raise up to R$10 billion. The first stage comprised 252.66 million common shares priced at R$15.43 and 149.81 million preferred shares priced at R$17.64. Bradesco has said the additional capital would support technology, commercial efficiency and business expansion. Reaching the maximum would increase its share capital to as much as R$103 billion.
SUBSCRIPTION STAGE MOVES TO LEFTOVERS
The remaining allocation consists of 50.22 million common shares and 152.16 million preferred shares. Access is limited to investors who exercised pre-emptive rights in the initial stage and indicated interest in taking additional shares. Allocation ratios differ for common and preferred shareholders.
Eligible investors may transfer certain rights during the follow-on period, subject to custody arrangements and Bradesco's procedures. Payment is due on 30 September, either through an account debit or Pix where applicable. If shares remain after this stage, the bank may conduct a further allocation or an auction on the B3 exchange.
CENTRAL-BANK APPROVAL REMAINS OUTSTANDING
The capital increase remains subject to final homologation by Brazil's central bank. Subscription receipts are expected to become tradable on B3 from 30 September until that approval is obtained. The newly issued shares will receive full rights to distributions declared after homologation.
The immediate milestone is the 21–25 September allocation of the 202.38 million remaining shares, followed by payment on 30 September. Bradesco will then determine whether another allocation or auction is needed before seeking final approval. Until homologation, the R$10 billion maximum remains a target rather than a completed capital increase.