Clarin IPO Prices at Low End (1)

Argentina’s Grupo Clarin raised $463m in an IPO. Shares priced at ARP29.14, the low end of an estimated ARP28-ARP35 range. Investors also paid $18.50 for each GDR in London. Proceeds from the sale of 50m shares, or 18% of the company, will repay debt and finance expansion. The shares began trading in Buenos Aires Friday and will start trading in London October 25. Goldman Sachs and Credit Suisse are global coordinators. JPMorgan will lead a group of investment banks managing the international sale, with Merrill Lynch and Itau as co-managers. Credit Suisse was given an option to allocate an additional 7.5m shares.