Mexico’s Megacable Raises $555m in IPO

Mexican cable and broadcasting company Megacable priced its IPO late Tuesday at MXP34.50, above the MXP27.00-MXP33.00 filing range, which raised a $555m for the issuer. The book was heard several times oversubscribed, with 20% of it going to Mexican investors and 80% to international investors. Within the international group, 80% went to US investors, 30% European and 10% other countries, with a significant Brazilian participation, say bankers close to the deal. Megacable is the fourth Mexican IPO this year, according to Dealogic, following Findep and Maxcom, which came in October, and Compartamos, which came in April. JPMorgan had books on the offering, with several local shops assisting in distribution.