Chilean Driller Plans IPO

Chilean drilling services provider Terraservice plans to hold an IPO, a company official says, and aims to do so by the end of the year. The company, which is looking to expand into other LatAm markets, is still in the planning stages, but is looking to float 30%, around $50m. Terraservice had been looking at 2014 for the fundraising, the official says, though good market conditions have led it to focus on this year or perhaps early 2013. Proceeds would fund investments, most notably an entrance into Peru’s market. This expansion could later be followed by other countries, such as Colombia or Argentina. Celfin has been hired to manage the IPO process. Terraservice gained recognition through its participation in the 2010 rescue of 33 miners trapped under the Atacama Desert.