July 27, 2017 / 5:14 PM / a year ago

Chilean retailer Tricot aims for $150 million August IPO

SANTIAGO, July 27 (Reuters) - Chilean clothing retailer Tricot will carry out an initial public offering on the Santiago Stock Exchange in August with the hope of raising around $150 million, the operation’s advisors told investors in a presentation on Thursday.

Tricot, which has 80 stores in Chile and a sizeable consumer credit segment with 426,000 active credit cards, will place up to 120 million shares in what would be Chile’s second IPO this year.

The funds raised “will be used principally for an expansion plan, that includes opening stores and an increase in the financial business,” said Jose Zamorano, executive director of corporate finance at BTG Pactual Chile, which is advising the deal along with Santiago-based LarrainVial.

Tricot plans to open 29 new stores over the next five years throughout the country and increase credit loans by 73 percent.

Earlier in the year, Chilean supermarket chain SMU raised $200 million in a local IPO.

Market observers anticipate further flotations as Chile’s blue-chip IPSA stock index nears a record high, bolstered by a recovery in copper prices and hopes the nation will elect a business-friendly leader in this year’s presidential election.

Reporting by Felipe Iturrieta; Writing by Gram Slattery; Editing by Meredith Mazzilli

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