Colombia’s Banco de Credito Prices IPO

Banco de Credito, a Bogota-based bank and financial institution, raised $113m equivalent in an IPO priced Wednesday and finalized Thursday. Demand for the shares was heard at over 2x, with locals making up the entire book. “It’s a new company in the financial sector in Colombia, which gives investors an opportunity to diversify their holdings,” says Juan Nicolas Pardo Ayala, an analyst at local brokerage Valores Bancolombia. The company 565m shares Wednesday and 28m Thursday at COP407 apiece, leaving it with roughly one third of the float in public hands. Helms Securities, the Florida based parent of the company, led the deal.