Demand Drives Banorte Upsizing

Demand Drives Banorte Upsizing

Mexico Equity

Investor appetite of 3.5x the shares on offer led to Banorte upsizing its equity follow-on to raise MXP31.98bn ($2.55bn), and continued in the secondary market Wednesday. International buyers accounted for 63% of the sale, according to the bank, versus a 50%-50% split foreseen earlier in the process. The bank upsized the deal from 402m to 477m primary shares, assuming a 15% greenshoe is exercised, stetting a MXP71.50 per share price Tuesday night that represented a 0.1% discount from the previou

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