Dufry South America valued at $813m

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The offer price for Dufry South America’s planned IPO has been set at $12.50 per share, which values the company at $813m. Trading of Dufry South America (DSA)’s shares on the Brazilian and Luxembourg stock exchanges is expected to begin on December 20 and, based on 65m shares, DSA’s market capitalisation will be $813m. The offer period for shares in DSA ended yesterday.

The final base offer comprises 27.7m shares, of which 15.1m will be sold by Dufry Group. The company expects to gain net proceeds of about $180m. In addition to the total base offer, Dufry has granted global coordinators UBS and Santander an over-allotment option to purchase up to an additional 4.2 m shares. Including the over-allotment option, Dufry Group will retain 51% of the shares and the free float will be 49%. The settlement of the offer is scheduled for December 22.

In a statement Dufry AG said: “The IPO of Dufry South America represents a milestone for Dufry Group. The IPO will strengthen Dufry’s position in South America and at the same time provide additional financial flexibility for the company to grow further. The broad basis of local and international investors will position Dufry South America as the reference player in the region and demonstrates the confidence in the development of Brazil and the region.”