Morales & Besa advised international placement agents in the largest stock exchange opening in history in Chile: Mallplaza

August 1, 2018

Morales & Besa successfully advised J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC in the initial public offering process of Plaza S.A., conducted through the placement of 240,000,000 secondary shares, corresponding to 12.2% of the of the Plaza S.A.’s ownership.

The opening on the stock exchange of Mallplaza is the largest stock market opening in history in the local market and it is also the first time that an opening in the relevant stock market is made, exclusively through the secondary offer of shares.

With this transaction, Morales & Besa consolidates its vast experience in stock exchange openings, having been present in the main IPOs made in Chile in recent years, such as CFR Farmeceuticals S.A. (2011), Ingevec S.A. (2012), SMU S.A. (2017) and Plaza S.A. (2018).

The transaction included a public offering in Chile through the Santiago Stock Exchange, Stock Exchange through an auction of an order book and an international offer in the US to qualified investors defined in Rule 144A under the Securities Act of 1933 in transactions exempt from registration under said standard, and in other countries outside of Chile and the United States of America pursuant to Regulation S of the Securities Act.

Plaza S.A. is one of the largest operators of shopping centers in Chile and also has a presence in Peru and Colombia.

The team of Morales & Besa that participated in this operation was integrated by the partners Guillermo Morales and Matías Langevin; the senior associate, Andrea Díaz; and the associate, María José Rojas.