Chilean Soccer Club Scores IPO

Cruzados, the holdco for the Universidad Catolica soccer team, has raised CLP12.4bn ($24.8m) in the second Chilean IPO of the month. It sold 30m primary and 10m secondary shares at CLP310 each, in an offer 6x subscribed, according to documents published on the Bolsa. Approximately 48% of the deal went to institutional investors, and 48% to retail. Proceeds from the transaction will be used to pay debt and invest in new players and professional staff. IM Trust and BICE managed the sale. Retailer Empresas Hites raised CLP21.5bn last Thursday in Santiago’s first new listing since casino operator Enjoy in July. Catolica’s first division rivals Universidad de Chile raised CLP9.5bn though Chile’s only IPO of 2008.