Category: Equity

Mexico’s Grupo Financiero Inbursa’s all-secondary follow-on equity sale raised MXP12.5bn ($947m) Tuesday. CaixaBank sold 482m shares, including a 15% greenshoe, at MXP26 on Tuesday. That level was a 1.21% discount to Tuesday’s closing price, and matched the price at which Caixa sold a 3.7% stake in the firm to Carlos Slim’s Inmobiliaria Carso earlier this month. Details on investor demand were not available Tuesday evening. Credit Suisse, Inbursa and UBS were global coordinators, with BTG Pactual bookrunner on the international portion, and Citi and BBVA on the Mexican sale.

Mexican construction firm Empresas ICA postponed a planned secondary offering of up to 95m shares in Grupo Aeroportuario del Centro Norte (OMA) Tuesday, citing volatile markets. OMA shares were trading at MXP37.97 at Monday’s close, nearly 20% down from their MXP47.09 level when ICA filed a shelf for the sale mid-May. The IPC has fallen around 10% over the same period. Investor demand was sufficient for OMA’s all-secondary follow-on to go ahead, but ICA decided to wait for a better price, LatinFinance understands. ICA holds its stake in OMA through subsidiary Aeroinvest. Bank of America Merrill Lynch, BBVA and Santander managed the sale.

Corporacion Inmobiliaria Vesta’s follow-on equity sale raised MXP2.49bn ($189m) Tuesday, less than planned after one secondary seller opted out. Investors bought close to 98m primary shares and 12.8m secondary shares at MXP22.5, a 4.9% discount to Vesta’s MXP23.67 closing price. The sale of secondary shares was smaller than the 44.5m initially planned, after the real estate investment arm of German savings bank Deka decided not to sell its stake. The rest of the secondary portion came from DEG, a private sector financing arm of German development bank KfW, which went ahead with its sale. Investors submitted orders for around twice the 110.7m shares that were sold. The follow-on was priced above the MXP19 where Vesta sold its $250m-equivalent IPO in July last year, but below the MXP25.49 where the stock was trading when Vesta announced the follow-on last month. Credit Suisse and Santander managed the transaction.

Volatility hit Mexico’s equity markets this week as a follow-on equity sale was postponed and another cut in size following a drop in share prices amid the renewed turmoil.

Grupo Financiero Inbursa, Corporacion Inmobiliaria Vesta, and Grupo Aeroportuario del Centro Norte (OMA) are set to press ahead with MXP-denominated equity follow-ons today, despite worsening market conditions, say people familiar with the deals. Corporacion Inmobiliaria Vesta is targeting more than MXP4bn ($309m) from its follow-on, which is set to comprise 120m primary shares and 44.5m secondary shares, assuming a 15% greenshoe. The transaction would raise MXP41bn if the deal is executed with a greenshoe at Monday’s MXP25.1 closing price. Credit Suisse and Santander are managing the deal. Inbursa plans to close books and set the price on an all-secondary sale of shares belonging to CaixaBank. It will sell 482m shares, assuming the greenshoe is filled, which would generate MXP13.2bn at Monday’s MXP27.09 closing price. Credit Suisse, Inbursa and UBS are global coordinators, with BTG Pactual bookrunner on the international portion, and Citi and BBVA on the Mexican sale. OMA’s follow-on is also an all-secondary transaction. The Aeroinvest subsidiary of construction firm ICA is selling 95m OMA shares, assuming a 15% greenshoe. The deal would raise MXP3.6bn at Monday’s MXP37.97 closing price. The company expects to sell 57m shares internationally and 38m to Mexican investors. Bank of America Merrill Lynch and BBVA are managing the sale, joined by Barclays and Morgan Stanley on the international tranche and Santander on the domestic.