ICA Plans Second Pass at OMA Follow-On

Mexican construction firm Empresas ICA says it will try again to sell shares in Grupo Aeroportuario del Centro Norte (OMA) through an all-secondary equity follow-on sale which it postponed last month. ICA has trimmed the size of the offer to 69m shares, assuming a 15% greenshoe option is exercised. That equates to 17.25% of the company, and would bring in MXP2.9bn ($223m) at Monday’s closing price. In the initial follow-on plan, which was pulled on June 26 after a volatile run in equity markets, ICA targeted a sale of 95m shares, including the greenshoe option. OMA’s shares closed at MXP41.68 on Monday, having recovered from the MXP37.97 level where they traded in late June but still down from their MXP47.09 level of mid-May, when ICA first filed a shelf for the equity sale. ICA is selling the shares via its Aeroinvest subsidiary. Bank of America Merrill Lynch is global coordinator for the deal. Barclays, BBVA, Morgan Stanley, Santander are joint bookrunners.