IAM Succeeds With Chile’s Largest IPO

Inversiones Aguas Metropolitanas (IAM), Chile’s largest drinking water supplier, has issued Chile’s largest IPO to date, with 80% of the total offering taken up by international investors. The company, which is an affiliate of Aguas de Barcelona (Agbar), raised $91.8 million in the local market and $306 million internationally as ADRs. UBS Investment Bank acted as sole global coordinator and sole international bookrunner. The local tranche was arranged by Celfin Capital, Banchile and Santander Investment.