Peru Retail Builds IPO Book

InRetail Peru was heard with oversubscribed order books Tuesday ahead of today’s scheduled IPO pricing, targeting more than $400m. The unit of the Intercorp group operating retail assets including Inkapharma drugstores and Plaza Vea supermarkets is selling 20.05m shares at $19.00-$22.00 each, indicating a $411m size if done at the midpoint. The transaction is to be made up entirely of a New York sale, the issuer says, a change from the original plan to include a tranche representing up to 5% of the offer for domestic investors in Peru. In what is being called the first Peru IPO offering domestic consumer demand exposure, InRetail is raising funds for expansion at its different units. BTG Pactual, Citi, JPMorgan and Morgan Stanley are managing the transaction, likely to be Peru’s largest IPO since 2006. It would be the first sizeable Peruvian equity sale since a $265m follow-on from Pacasmayo in February.