NEW YORK-Celumovil S.A., the largest cellular carrier in Colombia, is planning to go public on the New York Stock Exchange, which it said has approved the listing.
The company filed with the Securities and Exchange Commission Jan. 27 to register an initial public offering of up to 9.35 American Depository Shares, each representing two shares of common stock. The anticipated price range is $14 to $16 per ADS.
Celumovil plans to sell 5.6 million of the ADS in the United States and Canada and the remainder overseas. It also will sell 4.7 million shares of common stock in Colombia.
Through companies it owns, Valores Bavaria controls about 83 percent of Celumovil. After the IPO, Valores Bavaria will own about 71 percent of the company.
Proceeds of the planned sale will be used to repay outstanding debt, to fund capital expenditures and as working capital. Santander Investment, Salomon Smith Barney and J.P. Morgan & Co. are underwriters for the IPO, according to the SEC filing.
