Chilean Retailer Raises $43m Via IPO

Empresas Hites has raised CLP21.5bn ($43m) in Chile’s second IPO of the year. The retailer sold 104m shares, representing a 30% stake, at a price of CLP206. The department store operator plans to use proceeds to finance its expansion plan and repay short-term debt, according to the company. Chile’s private pension funds bought 33.5% of the offer, according to a statement distributed at the exchange, and demand reached eight times the amount offered. BBVA and Banchile managed the sale. Casino operator Enjoy raised $42m in a July IPO. Cruzados, the holdco for the Universidad Catolica soccer team, is scheduled to price imminently an IPO of 30m primary and 10m secondary shares through IM Trust and BICE.