Argentine confectioner Havanna lists in the country's first local IPO since 2013

Billy Bambrough
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Many economists labeled Argentina as one of the world's worst economies after inflation soared over 25 per cent a year in the last four years (Source: Getty)

Havanna, an Argentinian confectioner, has listed on the Buenos Aires Stock Exchange.

It’s the country’s first local listing since 2013 and has been taken as a further sign of economic recovery in Argentina.

In May financial group Grupo Supervielle SA raised $280m (£193m) when it listed in New York and Buenos Aires.

Havanna placed a 17.5 per cent stake, consisting of 7.5m shares. Buenos Aires brokerage Puente arranged the sale.

“The IPO is an important milestone for the company and also for Argentina’s capital markets,” said Emilio Ilac, chief executive officer of Puente when the listing was first announced. “This is the first of many IPOs in the new Argentina. We have mandates from several companies to bring them to capital markets and expect to see this happening through the rest of the year.”

Havanna operates 212 stores in Argentina and 91 abroad. It wants to use the IPO proceeds to finance building an industrial plant.