Cleary Gottlieb and Prieto instructed on Mallplaza $530m IPO

Cleary Gottlieb and Claro advised the selling shareholders while Prieto and Shearman acted for Mallplaza on its $529.1 million IPO, Chile’s biggest so far.

Mallplaza is one of the largest shopping mall operators in Latin America. It owns and operate 21 malls across Chile, Peru and Colombia with three more under development in the last two countries. 

The transaction priced on July 26 and is expected to close on July 31. This IPO consists of a secondary offering that is expected to raise approximately Chilean peso 343.4 billion (approximately $529.1 million). 

Inversiones Avenida Borgoño, Rentas Tissa and Inversiones Amal were the selling shareholders in the initial public offering of 240,000,000 common shares, representing 12.24% of the total share capital.  

Following the IPO, the selling shareholders will retain a 28.39% ownership in Mallplaza. The shares are being offered to the public in Chile, in the United States under Rule 144A and internationally under Regulation S. 

JP Morgan and Morgan Stanley are acting as joint global coordinators and joint bookrunners. Goldman Sachs acted as joint bookrunner.

Partners Adam Brenneman and Jeffrey Lewis led the team at Cleary Gottlieb which advised the selling shareholders under US law. Claro y Cía provided Chilean counsel to the shareholders, with partners José María Eyzaguirre, Juan José León y José Luis Ambrossy at the helm.  

Mallplaza called upon Shearman & Sterling for NY law, led by partner Manuel Orillac; and Prieto, fronted by partner Fernando Bravo, for Chilean law counsel. 

The banks instructed a team at Davis Polk & Wardwell in NY, led by partners Maurice Blanco and Pedro Bermeo as well as lawyers at Morales & Besa for local counsel in Chile. This latter team had partners Guillermo Morales and Matías Langevin as lead counsel.