Ecopetrol, the Colombian state-owned oil company, is expected to issue up to $2 billion-worth of ADR shares, most likely on the New York Stock Exchange next year, according to investment bankers.
If Ecopetrol does issue shares it will be the latest in a series of successful international issuances by Colombian corporates in recent months. One such issue was by Almacenes Exito, the country’s largest retailer.
In late August, Exito raised $392 million in the first international primary equity offering by a Colombian company in more than a decade.
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