Peruvian financial services firm Intercorp Financial files and sets terms for a $423 million US IPO

Intercorp Financial Services, which is a leading banking and financial services firm controlled by Intercorp Peru, filed on Wednesday with the SEC to raise up to $423 million in an initial public offering. The company is currently traded on the Lima Stock Exchange under the symbol IFS and closed Wednesday at S$152.54 (US$46.30).

The Lima, Peru-based company plans to raise $423 million by offering 9 million shares (87% insider) at price range of $44 to $50. At the midpoint of the proposed range, Intercorp Financial Services would command a market value of $5.4 billion.

Intercorp Financial Services was founded in 1897 and booked $1.9 billion in revenue for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol IFS. Intercorp Financial Services filed confidentially on May 8, 2019. BofA Merrill Lynch, J.P. Morgan, and Itau BBA are the joint bookrunners on the deal. Intercorp Financial subsidiary Inteligo SAB is acting as structuring agent.