Equity markets showed further signs of life heading into the second quarter, with a busy run from Brazil set to match a heavy start to the year by top Mexican issuers in the first quarter.
Sempra Energy’s IEnova spin-off raised 7.41 billion pesos ($596 million) with an IPO landing at the top of its price range.
The Mexican unit of Sempra Energy is seen as having a strong foothold in the country’s gas distribution and electricity generation sectors, allowing it to benefit from reforms from the new administration.
“The story [of Sempra] is the distribution assets and larger pipelines,” says Mark Barnett, equity analyst at Morningstar. “They are in a plum position to bid and self-build because they have a significant presence in the country.”
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