Socotherm Breaks The Ice

Socotherm Américas, a regional subsidiary of the Italian company Socotherm, became the first company to launch a true IPO on the Buenos Aires Stock Exchange in almost six years, when it listed 15 million shares Thursday. The share sale, representing around 17.5% of its stock, raised $35.7 million, just short of expectations. Banco Río de la Plata and HSBC led the transaction. The Argentina-based subsidiary, which serves the energy transportation industry, hoped to raise around $40 million via the IPO to fund plant construction in Venezuela and the Gulf of Mexico, and increase operations in West Africa.