Responsible for managing the largest port terminal in Latin America and one of the few profitable state-owned companies in the country, the Santos Port Authority (APS) has begun planning for an initial public offering (IPO), transforming the company, which is currently publicly traded, into a listed company, similar to Petrobras and Banco do Brasil.
NeoFeed has learned that the matter was brought to the attention of technicians in Brasília by the president of APS, Anderson Pomini, a proponent of the proposal. In charge of the Port of Santos since April 2023, his management has been marked by the financial growth of the state-owned company, which closed 2025 with R$ 4 billion in cash and net revenue of R$ 1.4 billion.
Officially, however, the matter is being treated with caution, since, within the core of the federal government, the tendency is that, at least for now, the initiative will not prosper, especially given that it is an election year.
There are still steps that need to be completed for this to happen. Once Brasília approves, a consulting firm would be hired to conduct the feasibility study. The funding for this is likely to come from the National Bank for Economic and Social Development (BNDES).
According to the initial outline of the IPO discussions, the federal government would remain the majority shareholder, with at least 51% of the company's shares. This would guarantee it the right to appoint the president and hold a majority of seats on the board of directors.
In practice, the Port of Santos already meets some of the main conditions to begin the process of listing on the Stock Exchange. Among the rules are more detailed governance and transparency practices. The company also reports its quarterly financial results in the financial information section of its website.
The company's Articles of Association, published on the company's website in April 2025, already makes it clear, in a way, that Porto is moving towards becoming a publicly traded company. The figures are independently audited by Russell Bedford.
In the document, the company establishes that, at the end of each fiscal year, the financial statements must be prepared in accordance with the standards applied to publicly traded companies, clearly detailing the company's asset situation.
In December, Pomini told NeoFeed that the company's positive results are directly related to the adoption of a management policy more aligned with private companies, especially those that are listed.
"We treated the port like a private company. We maintained efficiency, integrated with the private market, and planned the port for the future," he stated at the time.
In 2022, when the federal government moved forward with the proposal to privatize the company, the National Agency for Waterway Transportation (Antaq) valued the Port of Santos at R$ 3 billion.
However, experts in the port sector and capital markets consulted by NeoFeed estimate that the Santos Port Authority would currently be valued at no less than R$ 10 billion.
The potential entry of shareholders into the company, and of a significant volume of shares available on the market, could represent greater political protection over the management of the Santos terminal.
Although recent administrations at the Port of Santos have been considered technically sound, historically the leadership of the state-owned company has always been at the center of discussions regarding political compositions.
It is also necessary for the window for initial public offerings (IPOs) to be reopened in the country. It has been four years without any IPOs on the B3 stock exchange. The last IPO was that of Nubank, which had a dual listing in New York and São Paulo in December 2021.
A path full of obstacles.
It was at the beginning of Luiz Inácio Lula da Silva's administration that the project to privatize the Port of Santos, which was already at an advanced stage during Jair Bolsonaro's government, was interrupted. At the time, Tarcísio de Freitas (current governor of São Paulo) was Minister of Infrastructure and openly advocated for the privatization of port management in Santos.
The current federal administration has always defended the importance of valuing state-owned companies and not selling public assets. A possible start to the initial public offering (IPO) process would signify a change in stance from the top echelons of the federal government, since the initiative would represent, albeit indirectly, a kind of privatization.
For Casemiro Tércio Carvalho, who was president of APS between February 2019 and April 2020, and who was in charge of the Port of Santos during the privatization process under Jair Bolsonaro's administration, it makes sense to move forward with the proposal to take the company public on the B3 stock exchange.
“I initiated this debate during my administration and have always advocated for opening the Port of Santos to private investment, precisely to guarantee the entry of private resources. I understood that it was the best model, but at the time BNDES defended the traditional concession format,” says Carvalho.
According to the port consultant, going public would not jeopardize the strategic function of the Port of Santos. "We prepared the company to enter the Novo Mercado segment of the B3 stock exchange. And this should be followed by all ports. But it's important that the market can have confidence in the company's management to invest in the shares," says Carvalho.
But resistance is expected to be strong. Former National Secretary of Ports and Waterway Transport, Fabrizio Pierdomenico, believes there is no reason for this issue to be discussed now. According to him, who worked in Brasília between March and September 2023, it is strategic for the national economy that the management of the terminal in Santos be in the hands of the federal government.
“A listed company focuses primarily on results and profits. This initiative would work if the Port of Santos needed to raise funds. And that is not the case. Cash flow is not a problem today,” says Pierdomenico.
There are examples around the world of state-owned port authorities that have become publicly listed. Ningbo Zhoushan Port Company Limited, which operates the Port of Ningbo-Zhoushan, the third busiest in the world, in Zhejiang province, China, has been listed on the Shanghai Stock Exchange since 2010.
Responsible for managing New Zealand's largest port, the Port of Tauranga Limited has been a publicly traded company since May 1992, when it was listed on the country's stock exchange.
In Brazil, the only fully privatized port management company is Companhia Docas do Espírito Santo, responsible for the ports of Vitória and Vila Velha. In March 2022, the investment fund Shelf 119 Multiestratégia, managed by Quadra Capital, won the auction that secured a 35-year concession, and created Vports.
Unlike state-controlled port authorities, most port terminal companies are listed on the stock exchange, either in Brazil or abroad.
Santos Brasil, for example, which manages the largest container terminal in South America and was listed on the B3 stock exchange, was acquired by the French company CMA CGM, which took the company private last year.
In February, APS will hold an event to celebrate the signing of the contract for the construction of the Santos-Guarujá tunnel. President Lula and Governor Tarcísio are expected to attend.
Of the R$5.1 billion in public funds that will be invested to build the tunnel, both the federal and state governments will each contribute half. In total, the project will cost R$6.8 billion.
The Portuguese company Mota-Engil was declared the winner of the auction, held in September 2025 at B3. The company will have to build a 1.5-kilometer tunnel connecting the two sides of the port, of which 850 meters will be below the port channel. Completion is scheduled for 2030.
Contacted by NeoFeed to comment on the progress of the IPO proposal, APS stated that "this is an idea, a topic that would only be discussed if there were a decision in that regard by the federal government, which has the power to move it forward, which has not happened."
Also questioned, the Ministry of Ports and Airports did not respond to requests for clarification made by NeoFeed .
