Simec IPO Raises $250 Million

Mexican steel company Grupo Simec has raised $250 million via a global public offering of 60 million shares. The company priced its ADS on Friday at $12.50 per ADS and in the local market its shares priced at 45.70 pesos per share ($4.17). The global offering included an overallotment of 7.8 million shares. Citigroup Global Markets acted as global coordinator; Acciones y Valores Banamex, Casa de Bolsa Integrante del Grupo Financiero Banamex, and Ixe Casa de Bolsa, Ixe Grupo Financiero, were the joint bookrunners in the Mexican tranche.