Surprise Argentine Equity in the Works

Consultatio, one of Argentina’s largest asset managers and a significant real estate developer, is lining up a rare local IPO. The company is targeting a range of ARP3.44-ARP3.67, and set to distribute shares in the week of May 26. The Buenos Aires listing, which could raise ARP271m, is heard aided by JPMorgan and Merrill Lynch for international distribution. “This is a very interesting development from a timing perspective,” says Christopher Ecclestone, an analyst at Hallgarten, adding that the decision to remain in BA is particularly notable. A local broker says interest in the listing is strong. Also coming up in Argentina is the $2bn or more listing of YPF secondary shares, which will constitute a sort of IPO for the oil and gas giant, which today is thinly traded. Spain’s Repsol YPF is divesting Argentine holdings by selling a quarter of itself to a private equity group for $2.2bn, and another 25% through the IPO. Credit Suisse, UBS, Goldman Sachs and Itau are leading that offer.