With so many IPOs failing to attract the large foreign demand seen in 2006-2007, the $1.25 billion New York debut of Arcos Dorados gave ECM a shot in the arm. The McDonalds operator saw 10 times demand, pricing above its $13-$15 range, at $17 per share. The sale is the first LatAm IPO to price above target this year. Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Itaú and Citi managed the sale.
New York listings are again becoming an option for some of the regions larger issuers. Though ECM bankers do not expect it to be a big trend, there are others, including Colombias Grupo Aval, considering a US listing. Spains Repsol raised $1.23 billion in March in a New York secondary sale of YPF shares. The deal came at a 2.3% discount, and reduces Repsols position in the Argentine oil company...
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