Davis Polk partner and Latin America practice head Manuel Garciadiaz discussed the current landscape of IPO activity in the region with Latin Lawyer.

“IPO activity across Latin America in 2025 remained uneven – most markets stayed largely closed,” Manuel explained. “Regulatory frameworks were generally stable, but deal outcomes were driven far more by macro considerations, credible equity stories and access to anchor investors than by regulatory change.” 

The article highlights Brazil and Mexico as the primary markets where IPO activity is most expected to gain momentum in 2026.

“The key factors will likely be the pace of rate cuts and stability of local currencies,” Manuel noted. 

“Macroeconomics to decide IPO comeback, say lawyers,” Latin Lawyer (February 11, 2026) (subscription required)

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