Lojas Renner, a Brazilian chain of clothing stores, is a rarity in corporate Latin America. Sold by JC Penney of the US through the São Paulo stock exchange, or Bovespa, in July 2005, it became the only Brazilian company of any size to have no controlling shareholder or group of shareholders.

Renner is one of dozens of Brazilian companies to have tapped the Bovespa through primary or secondary offerings since mid-2004, a burst of activity not seen for a decade. All the issuers have used the Bovespa’s Novo Mercado (New Market) or Levels 1 and 2 – new listings segments that guarantee higher standards of corporate governance than the law demands.