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This is part of a case series. Following the sudden death of its longtime owner, Pery Igel, Grupo Ultra was at a crossroads. Around the world, capital markets were booming, with several telecom and technology IPOs. But the Asian crisis of 1998 had made investors skeptical of emerging markets. In Brazil the local index, Bovespa, had suffered considerably that year, going down by 40%. And IPOs had basically dried up across all emerging markets. In 1999 the only equity deals by Latin American companies were a USD140 million share issue by Mexico's Lusacell, a USD90 million block of Telefonica del Peru traded, and a USD1 billion convertible bond issue by Telmex. Despite this background, the Ultra Group's businesses achieved strong performance, and there were significant growth opportunities. But capital was a concern. Is the time right to raise resources for expansion? What would it take to convince shareholders to take the company public?