Vesta Clinches Debut Equity

Mexico’s Corporacion Inmobiliaria Vesta has priced an IPO of at least MXP3.36bn ($254m), coming at the bottom of its price range. Vesta priced the shares at MXP19.00 each, according to a banker on the sale, versus a MXP19.00-MXP21.00 range. This would indicate a MXP3.36bn base deal, and MXP3.87bn size if the issuer placed all of the 203.8m shares available, including overallotment options. The industrial real estate specialist’s sale had been pushed back one day from Wednesday at the request of regulators, but was oversubscribed. The sale was aided by a preference for the real estate sector and the general bullishness on Mexico that has emerged this year, investors say. The total included 37.9m secondary shares sold by by members of the founding Corona family and other investors. Vesta plans to use 75% of the proceeds for the construction of new projects and the remainder for acquisitions. Credit Suisse and Santander managed. The developer is in 11 Mexican states and specializes in light manufacturing and distribution facilities.