Construcciones El Condor SA Friday said it plans to raise 200 billion pesos or $111 million in an IPO offering, the media reports said.
The Medellin-based construction company will help finance Bogota’s airport expansion and jungle highway projects from the money raised via IPI.
According to President Luz Maria Correa, the proceeds from the sale in the first quarter will help fund a backlog of 1.3 trillion pesos in projects which also includes the airport.
The Medellin-based construction company will also bid on new orders as Colombia works to improve roads and bridges to take complete benefit of U.S. free trade accord.
The Condor is one of atleast five companies that will offer shares this year on Bogota . The Condor shares will benefit investors by giving them exposure to Colombia’s surge in building.
The construction company’s profit in the first nine months of 2011 slipped 33% from a year ago to 18.3 billion pesos as the operating revenue fell 13% to 150 billion pesos.
The Medellin-based company is involved in constructing projects like road work in southern Colombian regions of Putumayo and Narino and logistics at a coal mine in northern Colombia.
Condor also plans to bid on future projects for a hydroelectric dam and a $350 million water treatment plant near Medellin.
Construcciones El Condor is a construction company engaged in designing exploration and exploitation, consulting and construction of public and private civil works.