AquaChile market capitalization is expected to turn the company into the largest one in the sector. (Photo: AquaChile/FIS)
AquaChile raised USD 373 million in IPO
Friday, May 20, 2011, 22:50 (GMT + 9)
The main salmon, trout and tilapia producer in Chile, AquaChile, performed an initial public offering of 32.3 per cent of its property in the Stock Exchange in Chile, with earnings of USD 373 million.
This company has achieved the largest IPO in the country registered over the past five years.
The hammer price of each share was CLP 453 (USD 0.95) for the 387 million shares placed.
The placement agents were IM Trust and BanChile Inversiones.
"With this operation more than 10,000 new shareholders were added, such as local and foreign institutional investors, pension funds (AFP) and individuals," informed AquaChile.
The market capitalization of this important salmon company is expected to be higher than USD 1.15 billion, which would contribute to make the company the largest one in the sector.
"The proceeds will finance the company expansion plan, which is believed to be approximately USD 470 million over the next five years, strengthening its leadership in the aquaculture industry nationally and globally," added the firm after the IPO.
According to AquaChile president, Víctor Hugo Puchi, the company "had a tremendous reception among investors," which he attributed to its "leadership position for 24 years as a successful company."
Meanwhile, Fernando Edwards, an IM Trust partner, pointed out: "We believe that with this opening a future global leader with excellent prospects for growth is incorporated to the Chilean stock Exchange."
Andrew Bucher, managing director of BanChile Citi Global Markets, stressed the volume and the quality of the demand achieved," which make this opening a new benchmark in the local stock market."
On the other hand, Banco de Chile expressed its trust in the recovery of the Chilean salmon industry. In this regard, it is considered that the leaders of the salmon industry and of the Chilean aquaculture learnt their lessons from their past experiences and are working towards the long-awaited resurgence thanks to regulatory changes and to a new financing structure.
"It would not be unusual for new companies to seek capital and for the industry to boast income funds and joint business," the general manager of the company, Arturo Tagle, stated.
- Banco de Chile trusts the salmon industry
- AquaChile aims to become a global aquaculture producer
By Analia Murias