July 6, 2011

 

Uruguay's Union Agriculture increases IPO

 

 

A preliminary public offering of its shares to be raised up to US$287.5 million has been filed by Uruguay's Union Agriculture Group Corp with US regulators on Tuesday (Jul 5).

 

In a filing with the US Securities and Exchange Commission, the agricultural products and livestock company did not disclose the number of shares it intended to sell or their expected price.

 

The company plans to list its common stock on the New York Stock Exchange under the symbol "UAGR".

 

The company, which is partly owned by Canada's Sprott Resource Corp, will use the proceeds from the offering to repay borrowings and acquire additional farmland.

 

Credit Suisse, J.P. Morgan Securities, Wellington West Capital Markets and Itau BBA USA Securities are underwriting for the offering.

 

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

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