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Chilean Construction Investment Firm to Raise $470 Million in IPO

Date : 07/20/2012 @ 9:33AM
Source : Dow Jones News
Stock : JPMorgan Chase & Co. (JPM)
Quote : 55.81  0.78 (1.42%) @ 8:00PM
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Chilean Construction Investment Firm to Raise $470 Million in IPO

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SANTIAGO--Chile's construction investment firm Inversiones La Construccion SA (ILC.SN) will debut on the Santiago Stock Exchange Friday by selling up to 32.2 million shares at 7,061 Chilean pesos ($14.48) each, the company said in a regulatory filing.

ILC is the third company to debut on the Santiago Exchange this year after berry farmer Hortifrut SA (HF.SN) and engineering and construction firm Ingevec SA (INGEVEC.SN).

ILC expect to raise some $470 million in what is a primary and secondary offering. With its Santiago debut, the firm will have around a 32% free float.

The construction investment firm's initial public offering, led to market by IM Trust, Bank of America Merrill Lynch (BAC) and JPMorgan (JPM), will surpass Hortifrut and Ingevec's deals as they raised $67 million and $27 million, respectively.

ILC is the investment arm of the local construction trade group Camara Chilena de la Construction. In 2011, the firm reported $1.28 billion in revenue.

Write to Graciela Ibanez at graciela.ibanez@dowjones.com

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