- News & Editorial
- Investor Relations
By: Carolina Millan
Argentina’s equity markets are gaining momentum, with $3.5 billion ready to go public as some of the country’s largest companies look to raise capital for the first time.
Cement-maker Loma Negra Cia Industrial Argentina SA and agribusiness group Molino Canuelas Sacifia are among a half-dozen companies working to sell shares overseas in the next six months. That would be the most equity-market debuts -- and the greatest value -- since at least 2007, when four firms raised a total of $1.6 billion during the entire calendar year, according to data compiled by Bloomberg.
The planned stock offerings are following in the footsteps of Argentine corporate bond sales, which have amounted to $5.7 billion in the international market this year. The equity pipeline solidified after President Mauricio Macri’s pro-market party made a strong showing in August’s mid-term primaries, making room for him to push through needed labor and tax changes. The results encouraged both companies and longer-term investors to bet on the country, said Sebastian Loketek, Bank of America’s head of Argentina, Uruguay and Paraguay, in an interview. The final vote is scheduled for Oct. 22.
External Link: CLICK HERE FOR FULL ARTICLE