Nutresa Wraps Up FO

Colombia’s Nutresa has finalized the allocation for its COP522.5bn ($299m) equity follow-on, getting a total demand of COP9.21trn, or 17.6x. Final book size tops the food products company’s previous COP8.98trn estimate that had come at the end of its subscription period. Existing holders exercising their preferential rights claimed COP256.47 of the sale, going to 3,044 buyers. New investors accounted for COP266.03bn, from 20, 407 buyers, including COP186.22bn from the general public and COP79.81bn from institutions. Nutresa had set a COP20,900 per share price for the 25m shares at the beginning of the offering period. The issuer, formerly known as Grupo Nacional de Chocolates, is raising funds for expansion and to increase its liquidity. Bolsa y Renta managed the sale. Nutresa stock closed at COP21,700 Friday. The transaction is expected to be the last before a follow-on from state oil behemoth Ecopetrol. Investors are eagerly awaiting the announcement of the size and share price of the deal – expected to raise at least $800m equivalent – on or before the start of its sale period July 27.