Compass, the gas infrastructure company controlled by Brazilian conglomerate Cosan, debuted on Brazil’s B3 stock exchange on Monday under the ticker PASS3. The listing marked Brazil’s first IPO in more than four years.
Compass shares closed their first trading session down 2.18% at approximately $4.82 per share, below the IPO price of about $4.93. Trading volume exceeded 10.2 million shares, and the offering was priced at the bottom of the proposed range.
Compass operates in Brazil’s natural gas and infrastructure sector. Cosan created the company in 2020 to consolidate its gas investments after building a controlling stake in Companhia de Gás de São Paulo, or Comgás, through acquisitions completed between 2012 and 2019. Today, Compass serves as Cosan’s primary platform for gas distribution and infrastructure investments in Brazil.
The IPO gives Compass direct access to capital markets as it expands its presence in Brazil’s energy sector. The listing also supports Cosan’s efforts to reduce leverage while maintaining exposure to long-term infrastructure assets.
In 2025, Compass reported net revenue of approximately $2.93B, down 10% year over year. Net income fell 31% to roughly $257M.
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