(Dow Jones) May 25, 2011 – Chilean health-care company Cruz Blanca Salud will debut on the Santiago Stock Exchange, listing up to a 35% stake, the week of June 20, the company said Wednesday.
The number of Chilean companies pursuing initial public offerings of shares has surged this year as the nation continues to quickly recovery from a 2009 recession and a devastating February 2010 earthquake.
Cruz Blanca Salud, which is owned by Chilean private-equity firm Linzor Capital Partners and the local Said family, aims to list up to 222 million shares, raising $250 million.
The Said family will snap up some 32 million of the newly issued shares to maintain its controlling stake in Cruz Blanca Salud.
The IPO will also include a stock option program for company executives of up to 3% of all shares listed.
Starting June 1, Cruz Blanca Salud will hold a road show with local investors. The company is also mulling an international road show.
“In this new stage of the [IPO] process, we’re going to meet with all the investors that want to accompany us in the future development of the company,” Andres Varas, Cruz Blanca Salud’s chief executive, said.
Cruz Blanca Salud, which posted over $750 million in sales last year, has a $100 million investment plan through 2013.
Chilean investment banks and brokerages Celfin Capital, IM Trust and Bice Inversiones are arranging the listing.
After Compania Pesquera Camanchaca SA (CAMANCHAC.SN) was the lone IPO in 2010, specialty branded generic drugs manufacturer Corporacion Farmaceutica Recalcine (CFR.SN) and the nation’s largest farmed-salmon producer, Empresas AquaChile SA (AQUACHILE.SN), have already debuted on the local stock exchange earlier this year.
Farmed salmon producer and exporter Australis Seafoods, is scheduled to be the next local IPO, when it lists a 15% stake on June 9.
By Anthony Esposito