BOGOTA, March 3 Colombia's biggest financial
institution, Bancolombia, fixed a price of 24,200 pesos
per share (US$11.80) in a public offering that drew bids for
almost three times the amount of stock offered, the bank said on
Market sources with detailed knowledge of the offer said
Bancolombia sold 110 million preferred shares for 2.66 trillion
pesos or around $1.3 billion. The bank plans to reveal the final
result of the share offer on Friday, the sources said.
"By the time the books were closed, total investor demand
reached 294,786,431 preferred shares, corresponding to 2.7 times
the quantity of shares offered," the bank said in a statement.
Around three quarters of the shares sold in the three-week
offer, which ended last Friday, were to existing Bancolombia
investors exercising their right to priority in the sale.
Preferred stock in Bancolombia ended trading on Monday at