Sonda IPO To Raise Up To $230 Million

Chile’s largest systems information provider, Sonda, is expected to raise between $200 million and $230 million when it launches its eagerly awaited IPO on the Santiago Stock Exchange this Friday. This will be the first IT company to list on the exchange and only the third local technology company in any Latin American market to go public. Sonda plans to issue 200 million shares, representing 26% of its stock. The company is hoping that up to 25% of the shares will be taken up by foreign investors. In the long term, it may consider listing in New York or São Paulo. According to Santander Investment and Consorcio Financiero, who are arranging the offering, the money raised will be used to fund IT acquisitions next year. Sonda has, to date, expanded via acquisitions, most recently buying up the technical support and services division of Mexican company Qualita. The company, headquartered in Chile, has operations in nine other Latin American markets including Argentina, Brazil and Mexico.