Chiloe Sees Oct-Nov IPO

Cultivos Marinos Chiloe, seen as among the next issuers to IPO in Chile, is aiming for an October or November offering depending on market conditions. The salmon producer has been looking to do the transaction before the September 18 Chilean Independence holiday. “We are looking at the market to see when will be the right time to do it, but it is a question of weeks rather than months,” CEO Ricardo Purcell tells LatinFinance. The issuer has not set a size, but Purcell says it should be a 33% float. The company plans to use the proceeds to help finance its $170m investment plan. Builder Ingevec is another Chilean debutant at the front of the list, with the market awaiting a rescheduling of the IPO that was to have taken place in August. Celfin is managing the Chiloe sale, while Larrain Vial has the Ingevec mandate.