Chilean Builder Eyes IPO

Chilean regulators have given Moller y Perez-Cotapos (MPC) initial approval to sell shares, according to regulatory documents. The timing is unclear, though the construction company and real estate developer is planning to IPO this year, according to remarks from its president cited in the local press. It does not indicate an expected size. MPC is looking to use 50% the proceeds to strengthen its capital structure and pay debt, and 50% to fund its growth plan, according to filings. Construction companies have found success in Chile’s stock market, offering smaller-sized sales that rely on the domestic investor base. Most recently, Echeverria Izquierdo raised $88m-equivalent through an IPO in August.