Authorities OK Colombian IPO

Colombian regulators have approved Banco Davivienda’s plans for an IPO, the Colombian bolsa says. The market now awaits the financial group’s publication of terms and the setting of a pricing date, with local brokers optimistic that a deal for as much as $500m equivalent could happen by the end of August. The bank’s management has authorized a program to sell 50m shares, and plans to sell 26m in the IPO. Corredores Associados is the lead coordinator on the sale, according to brokers. The IPO would be the first in Colombia since Helm Banco de Credito raised $113m December 2007, according to Dealogic.