Chilean Hotelier Plans IPO

Chilean casino and hotel operator Enjoy is planning to sell a 30% stake in an IPO, according to a report from Fitch. The first IPO in Chile since November is set for July 8 with a roadshow beginning this month, according to local and wire reports citing remarks by CEO Javier Martinez. Fitch assigns the equity its Level 4 domestic rating, the second riskiest on a 5-level scale, to which initial offerings are restricted. The agency notes Enjoy’s market position, diversification of businesses and adequate operating margins, as well as a heavy expansion plan that has seen its debt to Ebitda reach 12.0x from 2.8x in 2006. Azul Azul, owner of Chilean professional soccer club Universidad de Chile, raised CLP9.5bn ($14.7m) by selling a 54.5% stake in the last Chilean IPO in November.