Cruz Blanca Sets IPO Date

Chile’s Cruz Blanca is set to close books for its IPO on June 22, with the price to be announced the following day, according to a banker on the deal. The health services provider has been marketing in LatAm, the US and UK. The sale of 122m primary and up to 100m secondary shares is expected to raise about $200m equivalent. The offer represents up to 35% of the company, according to the prospectus. The health insurance provider and operator of medical centers and clinics plans to use 65% of the proceeds for its investment plan. The plan consists of opening new locations for its Integramedica walk-in clinics, and opening and renovating locations under its three brands of medical centers, as well as unspecified growth through acquisitions and organic means. The other 35% would be used to repay debt. Bice, Celfin and IMTrust are managing the sale. The issuer, owned by Grupo Said and Linzor Capital, was founded in 1999, though the Cruz Blanca brand was created in 2008 with the acquisition of health insurer Isapre ING. The health insurance operations represent 74% of Cruz Blanca’s business, according to the prospectus. Its total 2010 Ebitda was $31.2m equivalent. Cruz Blanca claims 20% of the market in Chile, covering 530,000 people, according to its website.