• Most Popular
  • Most Shared

Mexico's Fresnillo sets range for $2 bln London IPO

Thu Apr 24, 2008 11:23am EDT

LONDON, April 24 (Reuters) - Fresnillo Ltd, the world's top silver producer, set an indicative price range of between 555p and 700p per share for its $2.2 billion London Stock Exchange IPO on Thursday, according to sources close to the deal.

The Mexican precious metals firm, which launched bookbuilding on Thursday, is offering $900 million worth of new shares.

Parent firm Penoles, which will retain a stake of 75 percent to 77.3 percent of Fresnillo after the initial public offering, is selling as much as $1.3 billion worth of existing shares.

The company and Penoles have agreed a lock-up period of one year.

Bookbuilding will close on May 8, with pricing expected on May 9.

The deal, underwritten by JPMorgan Cazenove, is vying for investor interest at the same time as Czech coal producer New World Resources' $2.2 billion IPO, another deal handled by JPMorgan Cazenove for which bookbuilding started Wednesday. (Reporting by Daisy Ku and Kennix Chim; editing by Rory Channing)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets