(Adds details on share class, comment from banker)
MEXICO CITY, July 16 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
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
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)