Soccer Team Scores Rare LatAm IPO

Azul Azul, owner of Chilean professional soccer club Universidad de Chile, has raised CLP9.5bn ($14.7m) in Chile’s first IPO in more than a year and Latin America’s first since June. It placed 19.8m shares at CLP480 each, representing 54.5% of the holding company. The IPO was a condition of Azul Azul’s concession to run the club, and will help fund a new training center. Rival Colo-Colo’s Blanco y Negro holding company has traded publicly since 2005. Santiago’s last IPO was the real-estate developer Socovesa’s raising of CLP80.806trn in October 2007, according to Dealogic. Larrain Vial, Euroamerica and Banco Estado managed the Azul Azul sale.