UPDATE 2-Mexico's Pinfra raises $570 mln in stock offering

Wed Jul 16, 2014 3:39pm EDT

(Adds details on share class, comment from banker)

MEXICO CITY, July 16 (Reuters) - Promotora y Operadora de Infraestructura, a Mexican infrastructure company, closed a stock offering worth more than $570 million on Wednesday.

The company, known as Pinfra, which operates 15 highway concessions and one port, sold 42,970,485 nonvoting class L shares at 172 pesos each, representing a 6 percent discount to the existing shares' closing price on Tuesday.

The new L shares were trading at 167.00 pesos in the afternoon while the previously existing shares were trading at 178.45 pesos on Mexico's stock exchange.

Including a so-called greenshoe option that could see the banks that worked on the offering buy more shares, Pinfra could raise up to 8.5 billion pesos ($656.81 million), according to the offering prospectus.

Mexican investors, mainly pension funds and asset management firms, snapped up 52 percent of the offering, with the remaining 48 percent bought by U.S., European, Brazilian and Chilean investors, according to Facundo Vazquez, Itau BBA's head of Latin American equity capital markets. Itau BBA helped oversee the international portion of the offering.

"The great demand for Class L shares reinforces a trend we have seen this year - that is, that despite the global mood, investors are eyeing interesting opportunities in Mexico and seeking exposure to infrastructure and investment-related stories," Vazquez said in an interview.

Mexico City-based Pinfra reported total revenue of 5.8 billion pesos in 2013, up 26 percent from the year earlier. The company reported a 2014 profit of 2.2 billion pesos, up 22 percent from the year earlier.

After a record year in 2013 in which Mexican companies and real estate investment trusts raised $11.7 billion in initial public offerings and follow-on stock issues, 2014 has been relatively slow.

Not including the Pinfra deal, there have been four offerings to date and only one IPO, raising a total of $3.4 billion, according to Thomson Reuters data. ($1 = 12.94 Mexican pesos) (Reporting by Elinor Comlay and Guillermo Parra-Bernal; editing by Peter Galloway and Matthew Lewis)

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