Ara Goes To Market To Increase Liquidity

Mexican housing constructor Consorcio Ara made its global secondary share offering postponed at the end of May due to market volatility. Ara sold 48.3 million shares, representing 14.7% of the company’s stock, raising $229 million. Of the total shares sold, 16.9 million were offered in the domestic market and 31.4 million abroad. The offering included an optional extra of 6.3 million shares. The sale of the shares, offered by the company’s largest shareholders – Germán and Luis Felipe Ahumada – will increase liquidity. The sale of the domestic tranche was managed by Casa de Bolsa BBVA Bancomer. Merrill Lynch & Co. was in charge of the international tranche.