The offering period for shares in Dufry South America Ltd. (DSA) ended yesterday with the offer price set at $12.50 per share. Based on a total number of 65m shares, DSA?s market capitalization will be

$813m.
The final base offering size comprises 27.7m shares, of which 15.1m shares are sold by the Dufry Group. Dufry Group expects net proceeds of around $180m. In addition to the total base offering, Dufry has granted the global coordinators of the offering an over allotment option to purchase up to an additional 4.2m shares. Including the over-allotment option, the Dufry Group will retain 51% of the shares and the free float will be 49%.
Trading of the shares is expected to commence on the Brazilian and Luxembourg stock exchanges on December 20, 2006 with the settlement of the offering being scheduled for December 22, 2006. UBS and Santander are acting as global coordinators and bookrunners for the offering.
Dufry AG commented: ‘The IPO of DSA represents a milestone for Dufry. The IPO will strengthen Dufry?s position in South America and at the same time provide additional financial flexibility for the further growth of Dufry Group. The broad basis of local and international investors will position Dufry South America as the reference player in the region and demonstrates the confidence in the further development of Brazil and the whole region.’