Amazon Threat Fails to Damp Biggest IPO in Chilean History
- Company raised 343 billion pesos in sale of 240 million shares
- Shares dropped after pricing above analyst estimates
Photographer: David Paul Morris/Bloomberg
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Plaza SA raised $533 million in the biggest initial public offering of shares in Chilean history as investors shrugged off the threat to the shopping mall operator from online retailers such as Amazon.com Inc.
The company, better known as MallPlaza, sold 240 million shares at 1,431 pesos each. That beat holding company Inversiones La Construccion SA’s $458 million IPO in 2012. The shares fell 2 percent to close at 1,402.7 pesos Friday after they were priced above analyst recommendations of 1,400 pesos. The IPSA stock index slid 1.3 percent.