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.

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.