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
In late October, the transaction had...
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