LatAm equity deals hoping for take-off
OMA’s follow-on has demonstrated sellers may need to lower expectations, but hopefuls in the pipeline are pressing ahead.
OMA’s follow-on has demonstrated sellers may
need to lower expectations, but hopefuls in the pipeline are
If things go according to plan for the likes of Banorte, CPFL
and Graña y Montero, LatAm’s equity market
could continue to show up the bond market in July.
After delaying a deal by one week and shrinking it,
Mexico’s Aeroportuario del Centro Norte (OMA) was
price the sale of shares held by Empresas ICA this week.
The deal is part of the builder’s plan to raise
cash as its project pipeline slows. Banorte is pressing ahead
planned follow-on targeting more than $2 billion-equivalent
next week. The Mexican lender needs to raise capital, and is
betting now might be better than later in the year and that
investors are still buying into Mexico’s growth
Shares of Inbursa, Vesta and OHL Mexico have traded up since
their respective follow-ons in June. Of last
month’s Mexican deals, only the IPO of Hoteles
City has dropped below its offering price.
Fibra Shop is also pressing ahead with the IPO of a
shopping center-focused Fibra, raising $400m July 23. In
another growth story play, Peru’s Graña y
Montero has launched what would be the
debut of its US ADS shares.LF