Bancolombia Preps NY ADR Sale, Closes Local Issue

Bancolombia appears set raise COP1.14trn ($614m) from domestic investors participating in its equity follow-on that closed Friday, with an international portion pricing as soon as today. Locals buyers demanded 44m shares out of a total of 64m shares, the bank says, with the remainder to be sold through an ADR offering expected to price today or tomorrow. The local tranche was launched at the beginning of the month, with the Colombian bank offering the shares at a price of COP26,000 each. Bancolombia’s own capital markets arm managed the domestic portion. UBS is global coordinator of the ADR sale, with Bank of America Merrill Lynch and JPMorgan participating as joint bookrunners.