Mexican Broker Targets May IPO

Mexican Brokerage Actinver is planning to raise MXP745m-MXP901m from an IPO on the Bolsa, according to regulatory documents. The sale of 65.3m primary and 13.1m secondary shares – representing about a 15% stake – is expected to price in May within a stated range of MXP9.50-MXP11.50. Actinver aims to raise funds to capitalize the bank, for working capital and to repay debt to the Prudential Group, from which it last year purchased Prudential Financial Operadora de Sociedades de Inversion and Prudential Bank. The brokerage had MXP1.37bn in operating income in 2009, according to its filing. Actinver’s own brokerage is managing the transaction. Following legal changes allowing pension funds greater equity investment flexibility, a line of debut issuers is starting to form. Developer Tres Marias and grower Proteak plan to raise up to MXP1bn each. Retailer Grupo Chedraui would be the first Mexican IPO in nearly 2 years if it lands a MXP4.3bn-MXP6.2bn offer on its scheduled April 29 launch date.