Bloomberg reported that OGX Petroleo e Gas SA, the Brazilian oil company controlled by billionaire Mr Eike Batista raised BRR 5.87 billion (USD 3.58 billion) from what could be the country's biggest initial public offering.

OGX in filling said that it has sold 5.19 million shares or 16% of outstanding stock for BRR 1,131 apiece. It added that “If banks exercise options to buy 741,800 more shares, the sale will be worth BRR 6.71 billion making it the largest Brazilian IPO ever.”

OGX said that it is capitalizing on soaring interest in Brazilian offshore oil after state controlled Petroleo Brasileiro SA's November 8 announcement of the 5 billion to 8 billion barrel Tupi field, the largest discovery in the Americas since 1976. The sale values OGX at USD 21.8 billion or 8.4% of Petrobras, as its Brazilian rival is known.

Mr David Pursell managing partner at Tudor Pickering & Holt Co a Houston based investment bank said that “Outside the OPEC oil cartel, Brazil is one of the few places building oil reserves. OGX is also one of the few pure, non state, oil plays you can buy. In this environment there is a lot of room for it in people's portfolios.''