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Colombian banking group Grupo Aval files for $100 mln U.S. IPO
May 30, 2013 / 12:26 PM / in 4 years

Colombian banking group Grupo Aval files for $100 mln U.S. IPO

May 30 (Reuters) - Colombian banking group Grupo Aval Acciones Y Valores SA filed with the U.S. regulators to raise up to $100 million in an initial public offering of its American Depository Shares (ADSs).

Grupo Aval, whose preferred shares are listed on the Colombian Stock Exchange under the symbol “PFAVAL,” owns four commercial banks, a pension and severance fund manager, a merchant bank, and BAC Credomatic -- a banking group in Central America.

The Colombian banking group is controlled by billionaire Luis Carlos Sarmiento Angulo who holds about 95 percent of outstanding common shares.

Grupo, which intends to list its common stock on the New York Stock Exchange under the symbol “AVAL,” said that JP Morgan and Goldman Sachs were underwriting the IPO. ()

The filing did not reveal how many shares the company planned to sell or their expected price.

The group reported net interest income of $3.57 billion and net income of $863.2 million for 2012.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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