First IPO in Eight Years Marks Uruguay’s Move to Deepen Markets
- About $24 million debt, equity deals aimed at retail investors
- Virtual concierge company debuts first crowd-funded bond
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Zorzal Inversiones Tecnologicas will become the first company in Uruguay to conduct an initial public offering in almost eight years this week, after authorities eased the rules on small companies to raise capital.
The Montevideo-based company plans to sell shares worth as much as 100 million unidad indexada, or UI, ($15.4 million) on June 26-27, the maximum amount allowed under the new rules. The funds will be invested in local tech companies.