GAP Sale Raises $870 Million

GAP Sale Raises $870 Million

Equity

Mexico successfully raised $870 million from its largest IPO in 10 years with the sale last Friday of the government's 85% stake in Grupo Aeroportuario del Pacifico (GAP), the country's largest airport operator. The Mexican government sold 29 million ADRs priced at $21 each and 124 million B shares in the local market at 22.03 pesos. The share price of ADRs on the first day of trading was up 35%, while the share price in the local market rose 34%. The government could eventually garner up to $1

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