Argentine banking group Supervielle raises over $200 mln in landmark IPO

miércoles 18 de mayo de 2016 22:10 GYT

By Walter Bianchi and Jorge Otaola

BUENOS AIRES May 18 (Reuters) - Argentine financial group Supervielle said on Wednesday it raised around 3 billion pesos ($212.52 million) in the country's first initial public offering since 2010, cruising on a wave of investor interest in the country over pro-market reforms.

Shares of Grupo Supervielle SA, which controls Argentina's fifth-largest bank Banco Supervielle, will begin trading on stock exchanges in New York and Argentina on Thursday, the company said.

Investors have shown renewed interest in Argentina since center-right President Mauricio Macri moved to settle a legal battle over the nation's 2002 default and implement market-friendly reforms to revive the struggling economy.

Last month, Argentina sold $16.5 billion of sovereign debt in its first international bond issue since its record 2002 default. The auction was four times oversubscribed.

Morgan Stanley and BofA Merrill Lynch handled Supervielle's offering. Julio Patricio Supervielle, the bank's Chief Executive Officer will hold over 60 percent of shares, according to the prospectus. ($1 = 14.1160 Argentine pesos) (Writing by Alexandra Alper; Editing by Stephen Coates)