Latam Airlines raises $156m

Latam Airlines raised $156m through the sale of 10.3m shares at the minimum price on Thursday. The oversubscribed deal was the firm’s sell-down of stock not taken up in a December rights issue. Leads BTG Pactual, Credicorp, and JPMorgan priced the transaction at $15.17 per share, equal to CLP8,072.6. Some 450 accounts placed orders totaling CLP114.7bn ($216.6m). Orders from 64 accounts, but accounting for two-thirds of the demand, were competitive bids, with maximum buy prices stipulated. Ultimately, foreign investors and local pension funds were pro-rated by a factor of 88.5%, less than local institutional investors, retail investors, and others.