Feb. 7 (Bloomberg) -- Cementos Pacasmayo SAA headed for its first back-to-back drop in a month as the Peruvian cement producer began selling American depositary receipts in New York.
After surging 19 percent last month, Pacasmayo fell for the third time in four days, sliding 0.7 percent to 6.80 soles at 2:19 p.m. local time. Peru’s IGBVL index slid 0.5 percent.
“The market hasn’t perceived the ADR positively yet,” said Jose Luis Bustamante, head of trading at Cartisa SAB. “The stock was punished along with the rest of the Lima Index on investor concern over the outcome of the European debt crisis.”
Lima-based Pacasmayo, which aims to raise $250 million from the Andean country’s first listing abroad since 2007, expected to price the 20 million ADRs between $11.50 and $13 per share, according to the company’s prospectus. Each ADR is equivalent to five common shares. JPMorgan Chase & Co. is the sole book runner and Banco Santander SA is the joint lead manager for the sale.
--Editors: James Attwood, Glenn Kalinoski
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