According to the filing with the Securities and Exchange Commission, the company is offering 73.5 million American Depositary Receipts (ADR). Each ADR represents 20 preferred shares and is valued at $14.96.
Part of the proceeds from the sale of ADR will be used by the bank to increase capital in its subsidiary, Banco de Bogota.
Serfinco brokerage equity strategist Jose Restrepo was quoted by Bloomberg as saying: "The capital will allow Aval to take advantage of economic growth not only in Colombia but in Central America.
"In Central America, you have growth in corporate lending, and in Colombia, the main opportunities are in housing and consumer loans."
The lender has four commercial banks, a pension and severance fund manager, a merchant bank and BAC Credomatic banking group in Central America.
