Cruz Blanca Moves Toward Bolsa

Cruz Blanca Salud is expected to raise at least $150m equivalent in an IPO, according to Chilean equity bankers. The Chilean health insurance provider is currently undergoing the regulatory process, and the timing would likely be June at the soonest. Cruz Blanca has filed to sell 158.9m shares, but a banker on the deal says the size is still unclear and could be increased depending on how many secondary shares the issuer chooses to sell. It plans to use 65% of the proceeds to support its growth agenda, which include both organic and inorganic expansion, according to a regulatory filing. The other 35% would go toward strengthening Cruz Blanca’s financial profile. Bice, Celfin and IMTrust are managing the sale. Founded in 1981, Cruz Blanca was at one time part of Aetna, and later ING, from which present owners Linzor Capital and the Said family bought it in 2008, according to its website. It claims 20% of the market in Chile, covering 530,000 people.