Category: Chile

Pesquera Camanchaca plans to roll out Chile’s first IPO in almost a year, targeting a $250m equivalent raise. The fishery intends to sell up to 1.26bn shares, likely a 20%-30% stake, according to a banker on the trade. An initial prospectus has not been filed, but the banker says the issuer aims to start investor meetings soon with the aim of pricing by the end of the month. Proceeds would fund the company’s investment plan. Banchile and Larrain Vial are managing the sale. Founded in 1965, Camanchaca exports seafood products principally to Japan, US and Europe. The last IPO in Chile was soccer team holdco Cruzados, which raised CLP12.4bn ($24.8m) in December 2009, according to Dealogic. If done at $250m equivalent, Camanchace would be the biggest IPO since a $400m sale in 2005 from Inversiones Aguas Metropolitanas.

Chile’s Molymet has priced a CLP127.44bn ($265.5m) equity follow on, selling 12.3m shares at CLP10,350, representing a 13.7% discount to the previous CLP11,992 close. Shares closed at CLP10,901 Wednesday following pricing in the morning. The metals processor drew CLP1.165trn in orders from 5,234 accounts, it says. Molymet says about 20% went to pension funds, with other domestic and international institutional investors making up 50% of the sale, and retail investment claiming the remaining 30%. The sale serves to increase the liquidity of Molymet’s float and raise funds for expansion. Its 4-year growth plan aims to fulfill growing demand for molybdenum, a copper by-product used to strengthen steel, as the world economy recovers and steel consumption grows in Asia. The Gianoli, Mustakis and Matte families, which hold 96% of Molymet, have waived priority rights to ensure a broad sale to the public, the company says. Banchile Citi and IM Trust managed the sale, which follows a lengthy roadshow that included domestic, South American, US and European stops.

Chile’s Molymet has closed books on an approximately $260m equivalent equity follow-on, with announcement of the price and allocations expected today. The metals processor was set to announce this morning the exact number of shares sold, along with pricing and allocations, according to a banker on it. The banker notes the book was about 9x oversubscribed. The Gianoli, Mustakis and Matte families, which hold 96% of Molymet, have waived priority rights to ensure a broad sale to the public, the company says. Banchile Citi and IM Trust are managing the sale, which follows a lengthy roadshow that included domestic, South American, US and European stops. Molymet’s 4-year expansion plan is aimed at fulfilling growing demand for molybdenum, a copper by-product used to strengthen steel, as the world economy recovers and steel consumption grows in Asia. Molymet shares closed Tuesday at CLP11,992.

Rabobank Chile has called an extraordinary shareholder meeting for November 15 to discuss a Tier 1 capital raise, general manager Fernando Cumsille tells LatinFinance. Although a local paper had reported the bank could look to raise up to $40m, Cumsille says the amount has not yet been determined. Cumsille says the bank is raising the funds in order to maintain a strong financial structure and increase its lending limit.