Vulcabras Azaleia Initial Public Offering

Davis Polk advised the joint bookrunners in connection with the initial public offering by Vulcabras Azaleia S.A. and the selling shareholders of 68,420,000 common shares for an aggregate amount of approximately R$671.5 million (approximately $207.6 million). The common shares trade on the São Paulo Stock Exchange. The securities sold in the international offering were placed under Rule 144A and Regulation S.

Vulcabras Azaleia is a leader in terms of sales of athletic footwear in the Brazilian market through its Olympikus brand and its Azaleia brand is a “top-of-mind” brand in the Brazilian women’s footwear market. Vulcabras Azaleia also has operations in the South American market, particularly in Colombia and Peru.

The Davis Polk corporate team included Manuel Garciadiaz, Konstantinos Papadopoulos and Adela Troconis. The tax team included Lucy W. Farr and Gil Savir. Members of the Davis Polk team are based in the São Paulo and New York offices.