ICA to Price Follow-On Today

Mexico’s ICA is on deck to price its offering of 113m shares today. The stock has traded down some 5% since the deal’s announcement, in line with the IPC’s decline over the same time period. ICA shares closed at MXP21.90 Wednesday, down 3.8%, while the ADS closed at $6.40, down 5.3%. At those levels, today’s deal could raise MXP3.29bn ($245m), assuming an additional 37m unit greenshoe. Merrill Lynch and Santander are leading.