This is the first Colombian company to list its shares on the New York Stock Exchange

The Daes, owners of Tecnoglass, will enter the most exclusive group in the world’s stock market, by announcing that the glass company will be listed on the New York Stock Exchange Starting next May.

The dizzying rise of the company from Barranquilla marks a milestone in the country because it turns Tecnoglass into the first Colombian company to be listed directly on the world’s main Stock Exchange. Others already do, but through North American banks.

“We are joining the most exclusive stock market club of Public Companies adhering to best practices and corporate governance. We thank the New York Stock Exchange for their trust and for recognizing the success of the Company’s strategy and trajectory,” he said. Christian Daesexecutive director of the company to the Caracol Radio station.

The company has set out to be a leader with its products both nationally and internationally and has achieved it. According to Portafolio, it is the main producer of architectural glass in Latin America and the second largest in the United States.

Tecnoglass was listed on Nasdaq (the second largest stock market in the world) where it rang the opening bell twice for its good performance, in 2014 and at the end of 2021. Being part of that quotation system, according to what Daes told the La FM station, allowed them to grow financially and entrepreneurially, but they received the invitation of New York Stock Exchange to be part of it and they couldn’t turn it down because of the opportunity it represented.

There they will be able to access the most prestigious market in the world to increase their investors, visibility and liquidity. They will continue to trade on Nasdaq until the second week of next month, when they will move to the NYSE on May 9.

An unprecedented step for a Colombian company. There are already others that are listed, such as Bancolombia, Grupo Aval, Ecopetrol, but they do so through a Receipt from the American Depositary that allows them to carry out transactions on the stock market, but with the support of a North American bank, that is, not directly, the newspaper explained. The Republic.

Now it will share the market with the most expensive companies in the world such as Disney, Pfizer, Visa, among others that exceed 100 million dollars in the market. Furthermore, as Daes pointed out, they have the best corporate governance practices.

“We are pleased to welcome Tecnoglass by transferring the listing of its shares to the New York Stock Exchange and join our leading community of icons and disruptors”, assured John Tuttle, Vice President and Commercial Director of the New York Stock Exchange, quoted the newspaper El Tiempo.

Daes explained to La FM that they have not contemplated returning to the Colombian Stock Exchange, because they consider it a not very dynamic market. He pointed out that they usually buy the shares that move and do not offer the visibility, support, loans and the transaction volumes that are evidenced in the North American quotation system.

Even so, the Daes do not forget Colombia and much less Barranquilla. He pointed out that his dream will be to make his hometown the window capital of the world and when talking about glass, all eyes are directed to the Golden Gate of Colombia.

The announcement has also been seen in the stock market. According to Bloomberg, during the year, Tecnoglass has lost about 12% of its share price, more than 3 dollars; but after the announcement of admission to the NYSE they grew almost 7% and reached a value of 23.66 dollars. It grew USD1.62 since the last close.

KEEP READING: