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BUENOS AIRES — Argentina’s biggest media conglom Grupo Clarin raised around $463 million in an initial public offering, less than expected, the company said Oct. 19.

The Buenos Aires company sold 50 million shares, or 17.5% of its capital, at the low end of a 28 to 35 pesos offering range.

Investors picked up shares at 29.14 pesos each to trade in Buenos Aires and $18.50 for global depositary receipts in London, Clarin said. The IPO prices sets the value of the company at around $2.6 billion.

In the grey market in Buenos Aires, the shares climbed as high as 30.20 pesos in initial trading. Trading will start October 25 in London.

Clarin will use the money to pay down debt and fund expansion, including in digital channels, broadband infrastructure and the rollout of voice services.

The conglom is controlled by directors Ernestina Herrera de Noble, Hector Magneto, Jose Aranda and Lucio Pagliaro. New York-based investment bank Goldman Sachs owns a minority stake in the conglom, which has interests in film production, TV broadcasting and production, sports programming and print media. Its associate producers are behind hit TV programs like teen telenovela “Patito feo” (Ugly Duckling) and revenge thriller “El hombre que volvio de la muerte” (The Man Who Came Back from the Dead).