Guía de Emisores Acciones BVC ● Guide of Listed Companies 2014 Guía de Emisores Acciones BVC ● Guide of Listed Co | Page 41

COLOMBIA
on Par with
the rest of the
world in stock
issue standards

Colombia esCribió historia
en el 2011. No solo superó la barrera de los 50.000 millones de dólares en
sus exportaciones sino que su mercado
de capitales registró movimientos inéditos. Ese año no sólo se produjo el
mayor monto de colocado en acciones
(13,8 billones de pesos) a través de la
Bolsa de Valores de Colombia (BVC),
sino que también se dio un gran paso
en un cambio gradual del modelo de
mecanismos de emisión de acciones.

Ese año se presentó la mayor
colocación de acciones a precio fijo
con protagonistas notables como
Almacenes Éxito, Avianca Holdings,
Ecopetrol y Banco Davivienda entre
otras, empresas cuyas ofertas públicas tuvieron gran acogida entre los
inversionistas. Pero, ¿qué hubiese
sido de estos procesos bajo un modelo de emisión de mayor reconocimiento global? El mismo mercado ha
planteado sus conclusiones y hoy el

Colombia made history in
2011. Not only did it break the barrier of 50,000 million dollars in exports, but its capital market reported
unprecedented volumes traded. Not
only was the highest volume of shares
issued (13,8 trillion pesos) through
the Colombian Securities Exchange
(BVC), but great strides were also
made in a gradual process to change
the model for issuing securities.
A record number of fixed price
securities were traded with major
market players such as Almacenes
Éxito, Avianca Holdings, Ecopetrol
and Banco Davivienda, whose public
offerings were well received by investors. However, what would have
come of these processes under a
more globally recognized stock issue
model? The market itself has drawn
its conclusions, and now the stock issue model used for decades is being
replaced by book building.
This transformation process requires the Colombian Securities
Exchange (BVC) to introduce international standards, in line with its
corporate objectives and with the

PERSPECTIVAS

Foto: Latinstock Colombia / Corbis

The capiTal markeT is
advancing in The use of
book building, an
inTernaTionally recognized
mechanism for issuing
sTocks, which is being
used in place of fixed
price securiTies.

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