UAG Aims for Montevideo IPO

Union Agriculture Group (UAG) is preparing to raise $50m-$100m through an IPO in Uruguay – what would be the Montevideo Bolsa’s first IPO since 2006. The farmland developer is looking to sell 2.2bn shares it says, in its second IPO attempt after a pulled 2012 US transaction. UAG is raising funds for further land acquisitions, of about 35,000 hectares. Discussions have started with investors, and the issuer expects to price in the next two months, it says, with an indication of price coming closer to the transaction date. There are no bookrunners attached to the deal, according to a company spokesperson. UAG targeted $200m in its abandoned 2011 deal, led by JPMorgan and Credit Suisse. It has since raised more than $100m in equity capital through private transactions. NZ Farming Systems Uruguay raised $82m-equivalent in a 2006 IPO, the last local Uruguayan deal, according to Dealogic data.