Newspaper article International New York Times

Totally Local I.P.O. in Argentina Marks a Milestone

Newspaper article International New York Times

Totally Local I.P.O. in Argentina Marks a Milestone

Article excerpt

The company raised $11.5 million, pricing shares at the top of the marketed range as a result of high demand.

Havanna, a confectioner from Argentina, has raised $11.47 million in the country's first entirely local initial public offering of shares in three years.

The offering, on Monday, was a big step toward Argentina's re- emergence in capital markets under President Mauricio Macri. Mr. Macri took office six months ago after a period of market isolation under the previous administration. Argentina had been cut off from global markets after a $100 billion debt default in 2001 and a long legal battle with hedge fund creditors that was resolved this year.

Argentina's government returned to global bond markets in April, after a 15-year hiatus, with an issuance of $16.5 billion. Several of the nation's provinces have been raising money on these bond markets in recent weeks. …

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