Brazilian meat giant Minerva announced on Monday (29 April) that the initial public offering of its subsidiary Athena Foods in Chile is under way.

Minerva said it expects to conclude the offering by the end of May. The company has hired Banco BTG Pactual, JPMorgan Chase & Co., HSBC Holdings and Chile’s Larrain Vial SA Corredora de Bolsa to manage the IPO on the Santiago Stock Exchange (Bolsa de Valores de Santiago).

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The meat packer revealed back in August that its Athena Foods arm would seek to issue shares on the exchange subject to certain criteria, including the completion of a capital injection into the unit.

Athena Food also incorporates Minerva’s operations in Paraguay, Uruguay and Colombia. It will be the first food-processing company listed in Santiago.

Last month, Minerva announced it had a new chief financial officer (CFO) in the shape of Edison Ticle de Andrade Melo e Souza Filho, a position previously held by Eduardo Pirani Puzziello who is to join Athena Foods to help steer it through the IPO process.

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