Sept 8 (Reuters) - Grupo Aval, Colombia’s largest banking group, said it expects to raise $1.1 billion in an initial public offering in the United States.
The banking group is controlled by Colombia’s richest man, Luis Carlos Sarmiento Angulo, who holds about 95 percent of the company’s outstanding shares.
Sarmiento Angulo, estimated to be worth $16.9 billion according to Forbes, derives most of his wealth from his holding in the company.
Sarmiento Angulo, 82, also owns Colombia’s largest newspaper, El Tiempo, which he acquired in April 2012.
The company said in an amended filing on Monday that it expects the offering of 73.5 million American Depositary Shares (ADSs) to be priced at $14.96 each. (1.usa.gov/Yq7H6v)
The group said it expects to list its American Depositary Shares (ADSs) on the New York Stock Exchange under the symbol “AVAL”.
Colombia-listed Grupo Aval, which has a market capitalization of $15.1 billion, said it expects to use part of the proceeds to increase capital in its banking unit, Banco de Bogota.
Grupo Aval owns four commercial banks, a pension and severance fund manager, a merchant bank, and BAC Credomatic - a banking group in Central America.
It listed JP Morgan and Goldman Sachs as underwriters for the IPO. (Reporting By Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)