Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

TGLT Completes First Argentine IPO in Two Years

TGLT SA, an Argentine real-estate developer, completed the first initial public offering of shares in Buenos Aires in more than two years.

TGLT sold 24.3 million shares at 9.034 pesos each, raising a total of 220 million pesos ($55.6 million) in cash, it said in an e-mailed statement. The company also allocated 23.7 million new shares to investors in exchange for their stakes in projects being developed by TGLT.

The offer was “a success,” TGLT Chairman and Chief Executive Officer Federico Weil said earlier today in an e-mailed response.

Initial price guidance was between 9 pesos and 11.50 pesos each, according to a prospectus dated Oct. 14. The last IPO in Argentina was in May 2008, when real-estate developer and holding company Consultatio SA raised about $100 million.

Orders for TGLT’s stock totaled 315 million pesos, according to the statement. Two thirds of the shares were sold to foreign investors as global depositary receipts, it said.

The Argentine unit of Raymond James Financial Inc. handled the transaction. TGLT’s shares will begin trading in the Buenos Aires stock exchange on Nov. 5.

The company’s founders and Brazilian real-estate developer PDG Realty SA Empreendimentos e Participacioes, which held a minority stake in TGLT before the offering, retained control of “almost” 50 percent of the shares, according to the release.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.