Port of Paita
Andino Investment Holding SA (AIHC1) delayed its stock trading debut in Lima for a second time as the port operator makes changes to the initial public offering’s proposed price.
A new date and price for the IPO will be set “in coming days,” Andino said in a statement posted on the Lima securities exchange’s website yesterday.
Andino planned to raise about $60 million in Peru’s first IPO in more than a year to help prepay part of an $85 million loan from Goldman Sachs Group Inc. (GS) and invest in a $250 million expansion of the northern coastal port of Paita.
The company, based in Lima, had registered to sell 15 million to 35 million shares at a reference price of 4.70 soles, according to the prospectus published on the Lima exchange’s website. Andino was scheduled to stop taking orders for the shares at 2 p.m. local time today.
The IPO would be Peru’s first since fishmeal producer Pesquera Exalmar SAA (EXALMAC1) sold $100 million of stock in November 2010, according to data compiled by Bloomberg.
Peru’s port operators will invest $3 billion in expansion projects over the next four years to handle rising metals, gas and fishing exports according to the country’s port authority.
Mining, construction and agricultural companies may sell shares for the first time this year to fund expansion projects, Francis Stenning, chief executive officer of Bolsa de Valores de Lima, which operates the exchange, said in a Dec. 20 interview.
To contact the reporter on this story: Alexander Emery in Lima at aemery1@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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