Triple-S Scales Back IPO

Puerto Rico’s Triple-S Management has priced a smaller than expected $200m IPO through Credit Suisse and UBS. The deal involved 14m shares of its Class B common stock, 5m of which was offered by Triple-S and 9m from selling stockholders, at a price of $14.50. Total net proceeds to Triple-S will be approximately $63.7m, after deducting underwriting discounts and commissions and estimated offering expenses. It will not receive any proceeds from the sale from selling stockholders. According to Dealogic, a size of $238m was being targeted. The underwriters have been granted a 30-day option to purchase up to an additional 2.1m shares of Class B common stock, 286,809 from Triple-S and 1.8m from selling stockholders. CIBC, Citi, Popular and Santander were co-managers. Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association.