Cultiba Re-IPOs at Low End

Cultiba Re-IPOs at Low End

Mexico Equity

Mexico's Cultiba has priced a MXP3.94bn ($310m) equity follow-on that serves essentially as a new IPO, landing at the bottom of its price range. The Pepsi bottler formerly known as Embotelladoras Unidas offered 112.7m shares, assuming a 14.7m share greenshoe, at MXP35.00 each, according to sources familiar with the transaction, versus a MXP35.00-MXP40.00 range. The total includes 23.8m secondary shares to be sold by a group of existing shareholders. Books were heard covered, and some 30%-40% of

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