Four billion shares will be issued and the IPO will be broken down into three rounds, the first two directed towards current and retired Ecopetrol employees, pension funds, unions and cooperatives.
The offering represents about 10% of Ecopetrol's stated value, although Colombia's general assembly previously authorized the company to sell as much as a 20% stake, BNamericas previously reported.
Interested parties must purchase a minimum of 1,000 shares and Colombian citizens can purchase shares interest-free by paying an initial installment of 15% of the total purchase, according to the statement.
Colombian citizens also will enjoy a 5% rebate, allowing them to purchase shares for 1,300 pesos.
No one individual will be allowed to purchase more than 50,000 shares.
Interested parties can purchase shares at more than 2,000 locations throughout the country including banks, supermarkets and stock brokerages.
Colombian and foreign corporate entities will be allowed to participate in the third issue of shares scheduled to begin in 2008.
Colombia's general assembly valued Ecopetrol at US$25.5bn, according to the statement.
Ecopetrol is expected to use some of the revenues generated from the sale to finance its US$12.5bn investment plan and could use the funds for the construction of a refinery in Central America, Ecopetrol president Javier Genaro Gutierrez said in July.
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