and Banco Votorantim. LDC Bioenergia plans to move forwardwith a primary and secondary offering, but the company didnt elaborate on thenumber of shares it expects to sell.MRV Engenhariae Participacoes (BZ: MRVE3), a Brazilian builder, plans to list its subsidiaryMRV Logistica (MRV LOG) when market conditions improve, a company source said.MRV, focused on housing, posted a market cap of BRL 2.62bn (USD 1.4bn) as of 24November. MRV Log, the commercial building branch, is responsible forproperties such as warehouses, offices and shopping centers.SourceProprietary Intelligence. Netshoes Netshoes, Brazil's leading e-commerce retailer oftennis and sporting equipment, mandated Morgan Stanley, BofA Merrill Lynch,Bradesco BBI and Itau BBA for an IPO on NASDAQ, hoping to raise around BRL 500m(USD 253m), according to local reports. The company was slated to IPO on theBM&FBovespa, but decided on a NASDAQ listing, feeling that the bourse andforeign investors would better value the stock and the growth story and notpenalize the company for negative cashflow, according to reports. Netshoes wasfounded in 2000 and registered sales of almost BRL 1bn (USD 505m) last year.SourceProprietary Intelligence. Rede D'Or Sao Luiz Rede D'Or Sao Luiz, the hospital that includes BTGPactual (BBTG11: BZ) as a partner, is preparing to go public after making astring of acquisitions. BTG made presentations to investors in New Yorkrecently and received positive feedback about a potential share sale.Meanwhile, Rede D'Or Sao Luiz is lobbying the Brazilian government to easehealthcare laws that currently forbid foreigners from investing in hospitals.Rede D'Or Sao Luiz has closed several significant acquisitions in recentmonths, including the purchase of viVale, Nossa Senhora de Lourdes and SantaLuzia.Source Proprietary Intelligence. Votorantim Cimentos Votorantim Cimentos plans to go public despiterecently denying such a deal was under consideration. VC, as the company isknown, is one of the world's 10 largest building-materials companies by sales.It maintains a 40% share of Brazil's cement market and assets in South andNorth America, Europe, Africa and Asia. Assuming a multiple of 10x EV/EBITDA,at which Latam cement companies trade on average, VC could have a market valueof BRL 19.80bn (USD 9.4bn), making it almost as large as Cemex (CX: NYSE),which at USD 10 a share has a market cap of USD 10.93bn.SourceProprietary Intelligence. Smiles Smiles (SMLE3: BZ), the loyalty program spun off fromGOL Linhas Aereas Inteligentes (GOLL4: BZ; GOL: US), continues to win overadmirers after an IPO that many doubted could ever get done in the first place.The stockclosed last Thursday at BRL 23.4, almost 8% higher than its IPO price of BRL21.70, and the company now has a market value of BRL 2.7bn (USD 1.35bn),exactly half of what competitor Multiplus (MPLU3: BZ) is now worth.Multiplusstock, you may remember, famously imploded after parent LATAM Airlines Group(LATM11: BZ; LFL: NYSE) decided to go ahead with an ill-conceived BRL 800mMultiplus share offering, before investors (some shocked, others outraged)forced the company into shameful retreat. Earlier this week, LATAM's boardcalled a June 11 shareholder meeting to vote on a USD 1bn equity offering(money has to come from somewhere).But back toSmiles. Some of our friends believe investors long the stock will get BRL 7back in a capital reduction over the next year - a