Empresas Lipigas has concluded a long-awaited initial public offering, raising CLP102bn ($151m) in the Chilean equities market.
The liquefied petroleum gas (LPG) distributor sold roughly 22.715m shares last week for CLP4,500 apiece, after receiving about CLP400bn in orders, one equity capital markets source said.
Chilean real estate and investment funds picked up 28.5% of the offer, while company executives bought 24.57% of the shares. Chilean pension funds snapped up 16.63% of shares and local retail investors acquired 8.2%, the source added.
International institutional investors picked up 7%, mutual funds and Chilean institutional investors nabbed 4%, while insurance companies and hedge funds made up the rest of the order book.
LarrainVial coordinated the offering, the first IPO in Chile since builder Moller y Pérez-Cotapos went public in March 2013.
Volatility in European stocks in November last year along with falling oil prices deterred investors from buying into Lipigas’ attempt to launch an IPO late last year. Lipigas pulled back from plans to list 34m shares, equivalent to 27% of the firm, after it received offers worth CLP176bn ($249m).