UPDATE 2-Mexico's ICA gains up to $221 mln in share offer

* Raises $192 mln in sale of 130 mln shares

* Shares dip nearly 4 pct to 20.60 pesos (Recasts, adds detail on offer, background, stock price)

MEXICO CITY, July 10 (Reuters) - ICA, Mexico's top building company, said on Friday it raised $192 million in a share offer and that another $29 million worth of stock could be sold over the next few days.

Shares of ICA (ICA.MX)(ICA.N), which will use the capital to fund projects, slipped almost 4 percent to 20.60 pesos in early trade.

The builder sold 130 million shares in Mexico City and New York at 20 pesos each. More shares sold over the next few days could bring the total offer to $221 million, ICA said.

Since the global credit crisis slammed emerging markets in October, executives at Mexico's biggest companies have been reluctant to try to sell new shares to investors wary of risk.

Analysts have said the share sale by ICA underscores tough conditions in credit markets. ($1 = 13.6865 pesos) (Reporting by Lizbeth Salazar; Editing by Steve Orlofsky)