Chilean retailer Cencosud has set the price at which shares in the company will begin trading in New York.
The company is offering a mix of shares and American Depository Shares as it looks to raise funds for expansion, to pay down debt and buy the remainder of its subsidiary Jumbo Retail Argentina.
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Over 45.5m shares are being offered at CLP2,600 (US$5.19) per share. Almost 45.8m ADSs, which equate to three shares of common stock, are being offered at US$15.61 and will being trading today (22 June).
In February, Cencosud said it would spend around $1.28bn on opening new stores this year. The company is Latin America’s third-largest retailer and plans to open outlets in Chile, Brazil, Peru, Argentina and Colombia.
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