Peru's Intercorp prices dual New York, Lima share offering

Peru's Intercorp prices dual New York, Lima share offering

Capital Markets Corporate & Sovereign Strategy IPO Peru Equity

Intercorp raised $414m through an initial public offering on the New York Stock Exchange and a simultaneous share sale in Lima, pricing the deal at the low-end of a $46-$50 range.

The financial services company sold 9m shares at $46 each, it said in an SEC filing, adding that 1.15m were newly issued common shares and 7.85m were existing common shares. The deal included a greenshoe amounting to 1.35m shares, which bookrunners BAML JP Morgan and Itau BBA can exercise within 30 days.

The bookrunners will earn $0.92 per underwritten share, while local broker Inteligo, who arranged the Lima portion of the transacton, will earn $828,000, according to the filing.

Intercorp didn't reveal how many shares it sold in New York and how many it placed on the Lima bolsa.

However, one New York-based ECM banker following the offering said 40% of it went to international investors and 60% to local investors.

Intercorp, which owns local lender Interbank and insurance provider Interseguro, will use the funds for general expansion purposes.

The company did not return messages seeking additional comment.

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