Sonda Prices FO

Chile’s Sonda has priced a CLP75.86bn ($158m) equity follow-on, getting just below its floor price, but offering a only minimal discount. The growing regional IT provider sold 53m shares at CLP1,430 each, compared to a CLP1,440 minimum and a 1,471 previous closing price. Competitive demand for the sale topped CLP192bn, with 53% sold internationally. International institutional investors made up the largest block of buyers, accounting for 46.2%, with hedge funds taking 1.6% and other international investors 5.2%. Local pensions bought 17.5%, local non-pension institutions accounted for 20.0%, retail investors 6.0%, and other local buyers 3.5%. Sonda had been authorized to sell 100m shares, and will offer up to 47m more in a preferential period open through early January. It is raising the funds for a $700m 2012-2015 expansion plan. About $200m is to be organic and $500m should come through acquisitions. Sonda is targeting growth outside Chile, specifically in Brazil, Mexico and Colombia. The company would use equity to fund about 40% of the plan, with 40% coming from cash and the remainder from debt. BTG Pactual and Goldman Sachs managed the sale, joined by Celfin on the local side. Sonda shares traded up to close at CLP1,476 Wednesday.