Reuters: Regulatory News: UPDATE 1-Chilean retailer Cencosud cuts U.S. IPO size

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UPDATE 1-Chilean retailer Cencosud cuts U.S. IPO size Jun 8th 2012, 12:13 June 8 | Fri Jun 8, 2012 8:13am EDT June 8 (Reuters) - Chilean multi-brand retailer Cencosud S.A. cut its U.S. initial public offering size by more than a quarter, underscoring a weak U.S. IPO market. The IPO market has been hit by poor pricing, pulled deals and delayed offerings in the recent months. Facebook's IPO last month further added to the chill as market problems at debut and the subsequent fall in its share price burned scores of investors. Cencosud now plans to offer 91.3 million American Depositary Shares down from 125 million it planned to offer earlier. The retailer will now raise up to $573.9 million from its U.S. IPO. With the listing, Cencosud will join 11 other Chilean companies currently trading on American exchanges. The diversified retailer, which is listed on the Santiago Stock Exchange, the Bolsa Electronica de Chile and the Valparaiso Stock Exchange under the symbol "CENCOSUD," intends to list its ADSs on the New York Stock Exchange under the symbol "CNCO." J.P. Morgan Securities and UBS Securities are acting as the lead underwriters and joint book-running managers of the offering.

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