Grana y Montero Ready for US Share Debut

Peru’s Grana y Montero is set to price an equity sale today targeting more than $400m and representing the debut of its ADS shares. The transaction was heard to be oversubscribed as of Monday afternoon. The builder is selling 16.3m ADS, representing 81.4m common shares, at $19.70-$23.30 each in the US market, meaning a $403m sale at the midpoint if a 15% greenshoe is used. About 60% of the proceeds will go to infrastructure projects, 20% for acquisitions, 10% for the purchase of land for its real estate business and 10% for general corporate purposes. BTG Pactual, Credit Suisse, JPMorgan and Morgan Stanley are managing the sale, with BBVA, Credicorp and Interbank as co-managers. It would be the first sizeable equity deal from a Peruvian since InRetail’s $460m IPO in October 2012.