(Dow Jones) June 23, 2011 – Chilean health-care company Cruz Blanca Salud debuted on the Santiago Stock Exchange, listing 222.1 million shares at 500 pesos ($1.05) a piece to raise $233.8 million for its growth plans.
Cruz Blanca Salud is the fourth initial public offering this year, after only one IPO in 2010. Chilean companies are looking to harness a healthy investor appetite and robust economic growth as the Andean nation continues recovering from the 2009 recession and the February 2010 earthquake.
Cruz Blanca Salud, which posted over $750 million in sales last year, has a $100 million investment plan through 2013.
The company is owned by Chilean private-equity firm Linzor Capital Partners and the local Said family.
The Said family snapped up some 32 million newly issued shares to maintain its controlling stake in Cruz Blanca Salud.
The IPO also included a stock option program for company executives of up to 3% of all shares listed.
Chilean investment banks and brokerages Celfin Capital, IM Trust and Bice Inversiones are arranging the listing.
By Anthony Esposito