BBVA leads Cencosud IPO in the NYSEJune 22, 2012
On June 22, 2012, BBVA, acting as Joint Bookrunner, successfully priced a $546,35 Mn initial public offering in the NYSE.
Cencosud boosted its capital with 243 million of shares equivalent to $1.26 Bn, in a global Rights Issue transaction. The deal included 105 million shares placement as American Depositary Shares in the NYSE, for a total amount of $546 Mn – each ADS representing three ordinary shares.
Cencosud S.A., based in Chile, is a leading multi-format and multi-brand retailer in South America. The company has operations in Argentina, Brazil, Chile, Colombia and Peru, and extends its operations to businesses such as supermarkets, home centers, department stores, shopping malls and financial services. The Company employs over 100.000 employees. As of 2011 year-end, the Company reported revenue of approximately $14.6 Bn. and an adjusted EBITDA of approximately US$1.206 Mn). As of June 30, 2012 Cencosud's market capitalization was approximately $12 Bn.
Coordination and cooperation among different temas and geographies within BBVA (Equity Capital Markets; EMEA; Corporate Finance Chile, Peru, Colombia and New York; and Equity Sales Europe and LatAm, has been essential in the success of offering.
This transaction reinforces BBVA´s Equity Capital Markets franchise for Latin American issuers. Since early 2011, BBVA has led 12 equity transactions, highlighting: FibraUno $665 Mn follow-on; Quiñenco $247 Mn follow-on; BanRegio $149 Mn IPO).