IPO nabs better than $130 mil
MIAMI — Latin American Internet company El Sitio raised more than $130 million in its IPO, completed Friday.
The Argentina-based company sold 8.2 million shares at $16, and more than doubled in price in its first day of trading to close at $33.31, reflecting investor interest in Lat-Am Internet stocks, such as the recent flotation of Terra Networks, a subsid of Spain’s Telefonica.
El Sitio has close to 500,000 registered users and offers regional and localized content in Argentina, Brazil, Mexico and Uruguay. It also has local sites in seven U.S. cities and San Juan, Puerto Rico.
Ibero-American Media Partners, a private $500 million fund backed by U.S. investment firm Hicks, Muse, Tate & Furst and the Cisneros Group owns a stake in El Sitio.