Cencosud Bags Retail Investors

Cencosud Bags Retail Investors

Equity

Chile's number two retailer conducted the largest-ever initial public offering in the country's in May, with a strong base of support from individual investors. Cencosud's $333.5 million offering drew orders of $1 billion. The company raised $228.19 million in Santiago from mainly retail investors, and $105.38 million in a level one-listing of American Depositary Shares on the New York Stock Exchange. Oscar Molina, co-head of corporate finance at Chilean investment bank Celfin Capital, which was joint bookrunner on the deal, says, "Initially we thought local demand for a large deal like this would not be sufficient. The local market proved to be much deeper than we thought six mo

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