For the first time in more than 6 years, an Argentine company will issue shares on the
Buenos Aires Stock Exchange (BCBA), given the new economic context that occurred with the arrival of Javier Milei to the Presidency of the Nation.
The last local firm that had gone public was
Cablevisión
in 2017, according to market sources.
This is
Distribuidora de Gas del Centro (DGCe)
, one of the 10 natural gas distributors through networks in the country, which seeks to take advantage of the imminent rate increase to finance its expansion plan in the local capital market over the next 6 years. .
DGCe is part of the
Ecogas
group , which has 51% of its capital in the hands of
Inversora de Gas del Centro, in which businessman Nicolás Caputo
, lifelong best friend of former president Mauricio Macri and owner of the Mirgor group, is a shareholder.
.
The future of Distribuidora de Gas del Centro
At the public hearing in January,
the company requested an increase in its income of an average 449%
.
If the Government authorizes it, it would have an impact close to 110% on the bills of its users.
Their rates would be updated between mid-March and early April, in what would be the beginning of a comprehensive recomposition for the next 6 years, with a possible 10-year extension in the concession of the public gas distribution service, which expires - as for the entire sector - in 2027.
The Five-Year Rate Review will contemplate a periodic adjustment of rates, in exchange for a
million-dollar investment plan
and network expansion for the sector.
The Initial Public Offering (IPO) of Distribuidora de Gas del Centro is for about 8 million class B shares, 5% of its capital, expandable by up to double, with an indicative price per share of between $1,000 and $1,300. Thus,
the maximum to be obtained would be close to between 15 and 20 million dollars
.
The placement will be carried out by
Banco de Valores, Puente Hnos and Balanz Capital
, and is aimed at retail investors until next
Thursday, February 29 at 4
p.m.
With an extensive distribution network of 21,321 kilometers, covering the provinces of
Córdoba, La Rioja and Catamarca
, DGCe serves a broad base of end users, reaching
796,730 homes
and delivering an annual gas volume of 1972 million m3.
Furthermore,
the company distributes 6.7% of the total gas
in Argentina and has strong growth prospects, in a sector where there is a considerable number of homes without a gas connection.
“DGCe has great expectations of correcting the existing tariff delay and at the same time operates within the energy sector, which is in a positive context with an increase in local production of natural gas from
Vaca Muerta
, as well as the construction of new gas pipelines. that allow their transportation, releasing restrictions from past years.
Furthermore, its solid financial position and its focus on sustainable growth make it an attractive option for investors,” commented
Natalia Rivero
, the company's Chief Financial Officer.