Pinfra Launches FO

Promotora y Operadora de Infraestructura (Pinfra) has launched its equity follow-on, according to regulatory documents, setting an October 4 pricing date. The Mexican infrastructure firm is planning to sell 70.4m shares, including a 15% greenshoe, which would indicate an MXP4.97bn ($386m) sale at Friday’s MXP70.57 closing price. About 70% of the shares are secondary shares to be sold by members of the Penaloza family and various investment funds, with primary proceeds going toward general corporate purposes, including greenfield and brownfield construction. Pinfra had filed earlier this year aiming for a sale in the June-July window, but decided to wait until 4Q. Credit Suisse and JPMorgan are managing the international portion, and are joined by Banorte-Ixe on the domestic side. Founded in 1969 as Grupo Tribasa, Pinfra develops and operates road and port concessions and produces materials used in road construction. It has timed the sale to follow Tuesday’s scheduled pricing of Santander Mexico’s IPO, targeting more than $4bn, a deal which Mexico and all of LatAm are watching closely as an indication of equity appetite through the end of the year. Santander Mexico, heard already well oversubscribed as of Friday, it expected to benefit from abnormally strong EM and LatAm equity fund flows recorded last week that followed the European Central Bank and US fed announcements.