JPMorgan launched the TAM Aereas Linhas American Depositary Receipt (ADR) programme in conjunction with the carrier’s $463m initial public offering.
Each ADR represents one preferred share, traded on the Sao Paulo Stock Exchange. JPMorgan holds 31% of the Brazilian ADR market as measured by ADRs held by institutional investors.
Each ADR represents one preferred share, traded on the Sao Paulo Stock Exchange. JPMorgan holds 31% of the Brazilian ADR market as measured by ADRs held by institutional investors.
Source: Commercial Aviation Online