June 28, 2019 / 1:54 PM / 18 days ago

Chile's Cencosud Shopping launches largest-ever IPO on Santiago exchange

SANTIAGO, June 28 (Reuters) - Chilean retailer Cencosud on Friday launched an initial public offering for its shopping center division, the largest ever on Santiago’s blue-chip stock exchange, netting the company $1.055 billion, the exchange said.

Cencosud Shopping offered as many as 474 million shares on the exchange, or approximately 28 percent of the division.

The price was set at 1,521 pesos ($2.24) per share.

Chilean pension funds purchased 58.5 percent of the shares, while local financial institutions bought 11.7 percent and foreign investors snapped up 8.3 percent, the exchange said.

Cencosud Shopping has said it will use the capital raised to pay off debt currently owned to parent company Cencosud.

Reporting by Dave Sherwood and Fabian Cambero; Editing by Steve Orlofsky

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