Actinver Lands IPO at High End

Mexican brokerage Actinver has raised MXP841m from its IPO, pricing at MXP10.75, towards the higher end of the MXP9.50-MXP11.50 range. The brokerage sold 65.3m primary and 13.1m secondary shares, or a 15% stake, to mark Mexico’s second IPO in as many weeks, following a drought that lasted nearly 2 years. Actinver is raising funds to capitalize the bank, working capital and to repay debt to the Prudential Group, from which it last year purchased Prudential Financial Operadora de Sociedades de Inversion and Prudential Bank. Actinver’s own brokerage managed the transaction, with BBVA Bancomer, HSBC, Inbursa, Invex, Ixe and UBS enlisted as co-managers. Last week, retailer Grupo Chedraui broke Mexico’s IPO ice, raising MXP5.23bn. Following legal changes allowing pension funds greater equity investment flexibility, a line of debut issuers has formed which next includes Developer Tres Marias and grower Proteak, raising up to MXP1bn each, as soon as this month.