The WSJ’s Annelena Lobb took an interesting look at the public market debut of Colombian state-run energy giant Ecopetrol earlier this week. According to the article,

“….Ecopetrol is selling just over a 10% stake in itself over the course of the offering. The initial round is for certain local investors, and lasts until Sept. 25. They may buy shares priced at 1,400 Colombian pesos per share, or about 66 U.S. cents per share ($1 = about 2115 pesos), with a minimum purchase of 1,000 shares. A 5% discount is offered to those who pay up front. Ecopetrol expects revenues of about $2.8 billion from the first stage, says a spokeswoman. A second local stage is scheduled to take place next year, and remaining shares would sell overseas in a third stage, presumably on the New York Stock Exchange. Ecopetrol shares should begin to trade on the Colombian stock exchange by November…”

As the article notes, Ecopetrol’s decision is in sharp contrast to choices made by Venezuela and several others in South America. Seems to me that the Colombians have adopted a more logical long-term view than their neighbors.