Slim Retailer Clinches $950m IPO

Slim Retailer Clinches $950m IPO

Mexico Equity

Grupo Sanborns has priced a MXP12.09bn ($950m) IPO, landing near the low end of the price range. Demand for the deal was heard to be about 2x. The retail operation being carved out of Carlos Slim's Grupo Carso priced 431.7m shares, assuming a 15% greenshoe, at MXP28.00 each, versus a MXP27.00-MXP32.00 range. The sale had to overcome recent concerns about Carlos Slim companies, with crown jewel America Movil seeing possible losses at its Dutch investment KPN. That said, many on the buyside noted

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