Edenor Prices Mid-Range

Argentine electricity distributor Edenor raised $327m in its IPO of 15.2m ADSs and 81.2m Class B shares offered in Argentina. The international tranche priced at $17 a share, the middle of a $16-18 range, and raised $257.8m. The Argentine retail tranche priced at ARP2.62 a share to raise $69.1m, according to Dealogic. US institutions bought the bulk of the international offering, with one of the underwriters claiming institutional demand for the ADSs driving an oversubscription of four times. Edenor’s ADS had risen more than 5% by mid-afternoon Thursday. Edenor has 30 days to exercise a 15% over-allotment option. Citi and JPMorgan led the international piece and Raymond James Argentina handled sales locally.