Conconcreto Nears Follow-on

Colombia’s Concocreto is planning to raise funds through an equity follow-on, it says, likely targeting $120m equivalent. The infrastructure specialist plans to offer 180m primary shares, or 20% of the company post-sale, indicating a COP232.20bn ($128m) value based on Friday’s COP1,290 closing price. It does not yet indicate a date for the setting of the price and opening of the subscription period. The proceeds are to be used to fund projects. Bancolombia is managing the sale, with Bolsa y Renta and Exponencial joining it as structuring agents. Conconcreto raised COP94.68bn in a December 2010 IPO.