Findep IPO Holds Steady

Financiera Independiente, a microfinance institution based in Mexico, priced its IPO late Wednesday at MXP24.00, slightly below the MXP26.00 midpoint. The initial range was MXP22-MXP30. The deal traded well, closing its first day at MXP24.13, despite a significant sell-off in regional equity indices, including a 2.07% drop in the Bolsa. The deal suffered from a 15% drop in the stock of Compartamos, a recently IPOed microfinance working capital lender, in the last week of October. Since it is the only comp for Findep, Compartamos’ performance is seen as having an adverse effect on the new issue. Still, the book was heard 5x oversubscribed and unlike many recent Brazilian IPOs, it came well above the bottom of the range, raising $267m for the consumer lender. Credit Suisse led.