Dolphin Cashes Out in Edenor IPO

The equity offering of Argentine electricity distributor Edenor, will enable selling shareholders EDF International and New Equity Ventures, partly owned by Argentine private equity firm Dolphin Group, to reduce their stakes in the company from 25% and 14% respectively to 3.2% apiece. Edenor will offer 15.2m ADSs, representing 303,295,943 Class B common shares in an international offering, through underwriter Citi and JPMorgan Thursday, and 81,411,020 Class B Shares in a domestic offering in Argentina through Raymond James Argentina. The price range is $16-18. Based on a $17 mid-range price, the combined international and domestic offerings could raise $329m and $378.9m, if the 15% over-allotment option is exercised. This is slightly more than what we reported Tuesday, following an update from Dealogic. Edenor has 30 days to exercise the greenshoe. Edenor will use proceeds of its upcoming equity offering to repay debt, for capital expenditures and general corporate purposes.