Local Majority in Lala IPO

Mexican buyers made up the majority of Grupo Lala’s MXP14.06bn ($1.01bn), according to pricing documents, with international buyers accounting for 43%. The transaction drew more than 8x demand Tuesday and priced 511 primary shares, assuming a 15% greenshoe, at the top of a MXP23.50-MXP27.50 price range. Lala is raising funds to repay bank debt and to fund its growth plans, which include investments in its existing capacities as well as possible acquisitions in Mexico, Central America and “new geographies.” JPMorgan was global coordinator, joined by Morgan Stanley and BBVA as bookrunners and Santander, Inbursa, Banorte-Ixe and Banamex as co-managers. The shares traded up 7.6% Wednesday.