Argie Developer Launches IPO

Real estate developer TGLT has opened the subscription period for an IPO, the first from Argentina in more than 2 years. The period will close October 28, and the developer expects to price the following day, according to a regulatory filing. It does not specify a price range, though it has previously indicated that it aims for a total of $50m-$70m equivalent. Brazil’s PDG Realty will remain the largest shareholder in the company. Raymond James Argentina is managing the sale, the first IPO since fellow developer Consultario raised $113m in May 2008.