Steelmaker Launches FO

Colombia’s Acerias Paz del Rio has launched an equity follow-on, targeting COP271bn ($155m). The steelmaker controlled by Brazil’s Grupo Votorantim has set a COP30.00 share price for the 9.05bn shares on offer. The sale period closes May 25, with allocation by June 1. Most of the shares are expected to be bought by existing holders exercising their rights, with the remainder going to the open market. Proceeds are marked for repaying debt and funding investment in a mining program. Corredores Asociados is managing the sale. Votorantim owns 72% of Paz del Rio.