Argentina's Emdersa Slashes IPO

Argentina's Emdersa Slashes IPO

Equity

Argentine power distributor Emdersa pushed its IPO through hostile market conditions Wednesday, but it was forced to settle for just $60m, around 30% of the amount originally targeted. Moreover, the selling shareholders, a number of equity funds that had bought into the company over the past few years, had to sit out the offering. Emdersa sold 55m primary shares at ARP3.45 per share, according to an executive close to the process. In the last week of November, Emdersa said it was targeting an of

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