Aval Readies Domestic Share Offer

Colombia’s Grupo Aval plans to sell 800m to 1.6bn new shares in the domestic market, it says. Such a transaction would raise COP1.196trn-COP2.392trn ($637m-$1.27bn) if done at Thursdays COP1,495 share price. The timing is unclear, as the financial conglomerate that is the parent of Banco de Bogota, Banco Popular and Corficolombiana says it must still receive regulatory approval. The transaction is heard to be in pre-marketing and expected to be approved in as soon as 1-2 weeks. Corredores Asociados is heard to be managing the sale. The domestic deal is expected to be another step ahead of a New York listing, for which Aval filed initial papers earlier this week. Colombia is set to have an active first half of the year in its stock market. Avianca, the Colombian airline, is said to be preparing an IPO of perhaps $200m-$400m, also through Corredores Asociados, and Ecopetrol is readying the follow on sale of an up to 9.9% stake, heard through Bancolombia, Credit Suisse and JPMorgan.