ICA Readies $450m Follow-On

Mexican construction and concession operator ICA has launched a roadshow for an international follow-on offering that may raise $450m-$500m, according to estimates by people close to the company. The builder, which has recently entered the spotlight by winning concessions to operate the first FARAC toll roads and the La Yesca hydroelectric project in Mexico, is raising the funds to help finance its equity investments in these projects. It will invest $239m of the proceeds in the FARAC. The company is listed in Mexico and has ADS in New York, and will be tapping both those markets, issuing 23m shares on the Bolsa and 55m shares on the NYSE. Citi is leading the US offering, with Goldman Sachs, UBS, and Merrill Lynch as joint leads. The local offering is being led by Banamex and Santander. The US pricing is scheduled for September 25.