Clarin Plans BA and London IPO

Argentine media company Grupo Clarín plans to raise between $450m-$560m by selling a 17.5% stake through an IPO in Buenos Aires and London, according to wire reports citing a presentation to the Buenos Aires stock exchange. The publisher of the Clarin newspaper plans to sell 50m shares at between ARS28-ARS35, pricing on Oct.19. Holders will offer 35m shares, including Goldman Sachs, which is reduce its stake to 10% from 18%. Proceeds are expected be used to fund Clarin’s investments in new technology and regional expansion. The offering is being led by JPMorgan and Credit Suisse.