Carvajal Wraps up Packaging IPO

Colombia’s Carvajal Empaques has raised COP195.8bn ($104m) from its IPO, it says, allocating 36.9m shares at COP3,500 each. The unit of the Carvajal conglomerate picked a tricky time for the sale, given the volatility in global equity markets, and the total fell short of a COP212bn target. The IFC has bought COP27.22bn. About 56.4% went to Colombian institutions, the company says, with 29.6% to Colombian retail investors and 13.93% to foreigners. Corredores Asociados managed.