Mexico’s equity capital markets are on fire. And
the IPO of Santander Mexico in late September lit the fuse for
dealflow in its wake, resulting in the best four weeks in
The IPO – which raised 52.81 billion pesos ($4.11
billion) – was the largest-ever stock offering on the
Mexican exchange and the largest equity deal in Latin America
Demand for the 24.9% stake in Santander Mexico on offer was
fierce – some 20% was placed in Mexico and the
remainder as American depositary receipts in New York. Despite
investor appetite of around five times demand, the shares were
priced at the midpoint rather than the tight end of the
In late October, the transaction had...
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