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 recent memory.
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 this year.
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 proposed band.
In late October, the transaction had...
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