Graña y Montero, the biggest construction and engineering firm in Peru, announced that it had raised around US$413 million in its market debut on the New York Stock Exchange.
Graña y Montero had initially filed to offer about 16.3 million American Depository Shares at US$19.70. Graña y Montero, however, later offered an enhanced IPO package of 19.5 million American Depository Shares and at a higher price per share. The newer offer pegged the price per share at US$21.13. According to Renaissance Capital, the newer deal resulted in a transaction that was 18% bigger that anticipated.
President of Graña y Montero, Jose Grana Miró Quesada, mentioned that they had planned to use the capital from the public offering to support investments in capital goods. These investments would include investments and acquisitions in the pipeline and other vital corporate applications. "We estimate that about 60% of net resources will be invested in infrastructure projects, 10% on purchases of land for our real estate area, 20% for potential acquisitions, and the remainder will be used for other corporate applications," he explained.
The company will be using the symbol "GRAM" on the NYSE.
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