The CNV formalized the high-end real estate company’s announcement of its Initial Public Offering as part of its growth and expansion strategy.
In order to finance its expansion and strengthen its role as a relevant player in the high-end real estate sector, both locally and globally, RAGHSA, a high-end real estate developer with more than 55 years in the Argentine market, announced the launch of its Initial Public Offering (IPO).
This Friday, the National Securities Commission (CNV) formalized the key step to move forward with the transaction: through Provision No. DI-2025-110, it authorized the company to register all of its shares in Caja de Valores S.A.. These are the Class A shares, which will be issued to be offered to the investing public and which grant one vote per share, and the Class B shares, which are already outstanding and grant five votes per share. Both have a face value of $1.
The authorization was officially communicated in a note signed by Juan Pablo Morad, director of the company.
With this resolution, Raghsa is able to move forward with its entry into the capital market, allowing external investors to acquire shares in the company through the stock exchange.
The company, founded in 1969 by Moisés Khafif and recognized for emblematic projects under the Le Parc brand and AAA corporate buildings, will seek with this step to strengthen its capital structure and finance the next generation of ventures. “This offer comes at a time when RAGHSA is fully and solidly consolidated, ready to move firmly into new developments,” explained Mariano Vega, the company’s general manager.
“The main objective of the offering is to continue strengthening its capital structure to maintain its sustainable growth. The company will focus on the expansion of its portfolio and the optimization of its operations to continue leading the high-end real estate market,” explained the company in a statement to which LA NACION was able to access.
Among the most important projects they are working on is a 50,000 sq m corporate building to be built on a 2,800 sq m plot of land in the northern area of the city of Buenos Aires. With an estimated investment of US$110 million, the project will add 145,000 rentable square meters to the company’s corporate portfolio.
“With this new building we are projecting an additional 20% growth in rentable square meters of commercial office space, after having increased that indicator by 50% in the last five years,” detailed Vega, who emphasized that the company measures its progress based on the area placed on the market.
Recently, JP Morgan closed the lease of an entire office building in a tower being built by Raghsa for US$55 million on Avenida del Libertador, in the Centro Empresarial de Núñez (CEN), behind McDonalds’.
“We measure our growth strategically through the increase in rentable square meters. In the last five years, we have achieved a 50% increase in leasable square meters of commercial office space in Argentina. Upon completion of our next building, we project an additional 20% growth in this area,” commented Vega.
Offer details
The IPO will make available a minimum of 23,830,213 class “A” common shares with one vote each, expandable up to 41,482,223 shares. The indicative price range is between $907 and $1685 per share, considering the par value plus additional paid-in capital. The final price will be defined through the book-building process, based on market demand.
“We are convinced that this initiative will contribute significantly to strengthening our company’s reputation, increasing its prestige, solidity, credibility and transparency. Our objective is to consolidate our position in a highly competitive market, always maintaining our capacity to respond with agility and excellence to the demands of the capital markets,” concluded Vega.