Pinfra Set for FO

Promotora y Operadora de Infraestructura (Pinfra) is scheduled to price an equity follow-on today and was heard late Wednesday with books covered. The Mexican infrastructure firm is selling 70.4m shares, including a 15% greenshoe, suggesting a MXP4.89bn ($381m) sale at Wednesday’s MXP69.51 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. The sale also aims to increase the liquidity of the issuer’s shares, which trade relatively infrequently. 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. The sale is to be the first in a series of Mexican equity offerings following Santander Mexico’s $4bn IPO, with Mexichem scheduled for a $1.2bn-equivalent follow-on October 9 and Credito Real with a $200m-equivalent IPO October 16.