Ecopetrol Demand Surges Despite Valuation Issues

Ecopetrol Demand Surges Despite Valuation Issues

Equity

Phones were ringing off the hook Monday at Bogota’s major brokerages as local investors called in with orders for blocks of shares to be offered in Ecopetrol’s $2.7bn equivalent IPO. The largest ever equity offering from Colombia – in its most important corporate name – has been in the works for months, with repeated calls from President Uribe for Colombians to participate in what he calls the democratization of the country’s crown jewel. But on the opening day of the offering, which will take p

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