Paraguayan Moves Closer to IPO

Paraguay’s Dahava Petroleos is nearing an IPO that could raise up to $100m. The E&P operator has completed the filing process and is awaiting final approval from the CNV securities regulator, it says. Once approval is granted, it will seek to file a prospectus and hold the IPO as soon as possible, co-founder Ari Thaler tells LatinFinance. He notes that both international buyers, as well as domestic institutional investors have expressed interest. After the Paraguayan listing, an additional fundraising on London’s AIM is being considered, he says. Dahava plans to use proceeds for an oil and gas drilling program in the Chaco basin in northern Paraguay. Paraguayan brokerage Valores, part of the Andorra-based Credit Andorra Group, is managing the sale. The issuer is part of international private equity firm Dahava Group.