Chilean retailer Cencosud plans to raise up to US$718m in an initial public offering of American depository shares in New York.

The company, which lists shares on three exchanges in Chile, said it intends to list its ADS on the New York Stock Exchange under the symbol CNCO, according to a filing with the Securities and Exchange Commission. Pricing terms of the offering were not disclosed.

The company said it plans to use the proceeds to repay debt and acquire the remaining 38.6% shares of its subsidiary Jumbo Retail Argentina currently held by UBS London, as well as for “capital expenditures, working capital and general corporate purposes”.

All of the shares of common stock will initially be sold in one block through a book auction on the Santiago Stock Exchange.

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By GlobalData