Category: Equity

Grupo Hotelero Santa Fe has launched its IPO, targeting MXP4.03bn ($311m) and pricing October 8, according to regulatory documents. The hotel operator plans to sell 201m shares, if a 15% greenshoe is included, at MXP18.00-MXP22.00 each, meaning a MXP4.03bn size at the midpoint. The issuer expects 84% of the deal to consist of primary shares, and the remainder to be secondary shares sold by investors Nexxus Capital and Walton Street Capital. Santa Fe is raising funds to repay debt and for expansion. It expects a 49% free-float following the transaction, not counting the greenshoe, with 37.5% held by developer Grupo Chartwell, 8.3% by Nexxus and 5.3% by Walton Street. Barclays and JPMorgan are managing the international portion of the transaction, and BBVA and Santander the Mexican portion. Santa Fe operates 10 hotels in 5 Mexican states, including a mix of city and beach resort properties, under brands including Hilton, Hampton Inn, Hyatt and Krystal. The issuer reported MXP1.05bn ($80m) revenue last year. It would follow City Hoteles and the Fibra Inn and Fibra Hotel trusts in going public in the past year.

Mexico’s Grupo Lala is planning to hold an IPO to raise funds for growth, according to regulatory documents. The size and timing remain to be determined, though the dairy products producer is expected to raise less than $1bn-equivalent. Lala is seeking funds to repay bank debt and for its growth plans, which include investments in its existing capacities as well as possible acquisitions in Mexico, Central America and “new geographies.” Lala booked MXP4.76bn ($370m) in Ebitda in 2012, up from MXP4.10bn in 2011. JPMorgan is global coordinator on the transaction, and is joined by Morgan Stanley and BBVA.

Grupo Interacciones is preparing an equity offering, it says, and expects to approve the plan at an October 9 meeting. The specialist in public sector and infrastructure lending has a small and illiquid float, meaning the follow-on transaction would function as re-IPO. The financial group anchored by Banco Interacciones plans to set an indicative price range prior to pricing, according to regulatory documents, as in an IPO. The deal is to include primary and secondary shares, sold through Mexican and international tranches. The issuer would use proceeds to expand operations, specifically sub-sovereign and infrastructure lending. Secondary share sellers would include controller Carlos Hank and members of his family. Interacciones does not indicate the size or exact timing of sale, though documents indicate plans for a post-transaction market float of about 22%. About 7% of the bank’s shares were in the hands of minority holders as of the beginning of the year. The group had MXP140.17bn ($10.89bn) 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 have been hired as global coordinators, joined by Banorte-Ixe and GBM on the domestic portion.