Sanborns Oversubscribed Heading into IPO

Sanborns Oversubscribed Heading into IPO

Mexico Equity

Grupo Sanborns was heard oversubscribed Wednesday ahead today’s IPO pricing that is targeting MXP12.74bn ($1.00bn) and scheduled to price today. The deal is drawing interest from investors ready to bet on Mexico and on the retail sector. “Retail is a very desirable sector, and more so than Carlos Slim’s other holdings,” says a US investor looking at the deal. The Mexican retail operation owned by Carlos Silm’s Grupo Carso is offering 431.7m shares, assuming a 15% greenshoe, at MXP27.00-MXP32.00

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