Lima Bolsa Set to Catch Fish IPO

Peruvian fishery Pesquera Exalmar is preparing to IPO in Lima, targeting an October 28 float. If successful, the deal would be the first Peru IPO since Interbank holdco Intergroup sold shares in 2007. Exalmar plans to sell 57.5m primary units and 54.4m secondary locally, as well as 119.9m primary shares internationally. The issuer does not indicate a value or price range, though says the sale should raise more than $100m when referring to proceeds in the prospectus. Proceeds are marked for repaying debt from recent acquisitions, buying boats, and expanding the footprint in Peru’s southern coast. The fishmeal and fish oil producer would be the second of Peru’s fisheries to go public, after Copeinca. Exalmar had gross income of $37.48m in 2009 and $47.43m in 2008, according to its prospectus. Santander, Citi and Interbank are managing the sale.