Essal Set for Share Offering

Essal Set for Share Offering

Chile Equity

Chile’s Essal is scheduled to announce pricing today on an up $80m equity offering as government entity Corporacion de Fomento de la Produccion (Corfo) looks to reduce its 45% position in the water utility. The issuer is targeting CLP90-CLP100 per share for the 387.7m secondary shares, indicating a likely size of CLP34.89bn-CLP38.77bn ($67m-$75m) The all-local sale is essentially an IPO, as Essal shares are illiquid, and the company is much smaller than the other government-backed water utilitie

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