Interacciones Launches Re-IPO

Grupo Interacciones is targeting more than MXP4.0bn ($303m) in an equity transaction scheduled to price October 16. The Mexican specialist in public sector and infrastructure lending has a small and illiquid float, meaning the transaction is functioning as a re-IPO. The financial group anchored by Banco Interacciones is offering 30m primary shares and 30m secondary shares at MXP60.00-MXP69.00 each, meaning a MXP4.45bn deal at the midpoint if a 15% all-primary greenshoe is included. The issuer is raising proceeds to expand operations, specifically sub-sovereign and infrastructure lending. Secondary share sellers include controller Carlos Hank and members of his family. The lender expects a free float of at least 31%, with the Hank family taking its stake from 90% to below 70%. The group had MXP140.17bn in assets and the beginning of this year and booked MXP1.41bn in net income during 2012, up from MXP1.34bn in 2011. Barclays and Credit Suisse are global coordinators, with Banorte-Ixe and GBM as bookrunners on the domestic portion.