Mexican dairy Lala prices IPO shares at 27.50 pesos, top end of range
MEXICO CITY Oct 16 (Reuters) - Mexican dairy producer Lala has priced its initial public offering at 27.50 pesos per share, the top end of the range, according to a regulatory filing on Wednesday.
The company had initially set the price between 23.50 pesos and 27.50 pesos per share. Lala shares will begin trading when the market opens on Wednesday.
Lala, among the biggest dairies in Latin America, is seeking to raise capital to expand its distribution and prepay some bank debt, according to regulatory filings.
The company expects to generate up to 14.01 billion pesos ($1.08 billion), with a global offering that could total 511,111,111 shares, the filing said.
However, the company opted against offering the nearly 90 million shares it had made available on Monday, which if used could have netted the company up to 15.3 billion pesos.
The dairy company's IPO comes amid record stock listings in Mexico.
Lala has a well-recognized brand name in Mexico with just over half of the country's market for milk and cream and about one-third of the market for pre-packaged cheese, according to AC Nielsen figures cited by the company.
Speculation had swirled in Mexican media last week that the company might shelve its IPO following financial uncertainty surrounding U.S. debt ceiling negotiations.
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