MEXICO CITY, June 30 Proteak, a Mexican
forestry company, said in a regulatory filing on Wednesday that
its initial public offering was priced at 10.25 pesos per
share, below its original plan.
Proteak (TEAKCPO.MX), which specializes in cultivating
teak, will raise around $71 million and float 54 percent of its
capital, including overallotment. It had set a price range of
between 11.58 pesos and 12.75 pesos.
Its shares were available to institutional investors on
Wednesday under a program that will let the country's pension
funds hold a stake in small-cap firms.
The company is offering nearly 89 million CPO shares, each
comprised of one Series "T" and two Series "K" shares.
The company hopes to use the fresh capital to expand its
land holdings to increase the size of its tree farms.
Proteak went to the market under a stripped-down process
that allows small cap companies to list on the stock exchange
with minimal costs and disclosure.
Only large, institutional investors may take a stake in
companies listed under that process.
Mexican real estate developer Tres Marias and restaurant
chain Arrachera House also are expected to go public soon in a
transaction similar to Proteak.
($1 = 12.845 pesos)
(Reporting by Gabriela Lopez in Monterrey and Patrick Rucker
and in Monterrey; editing by Carol Bishopric)