Pinfra trades down after L debut

Pinfra trades down after L debut

Equity

L-shares of Pinfra traded down on Wednesday, despite the fact that order books for Tuesday’s follow-on were heard to be twice covered. The Mexican infrastructure developer raised MXN7.39bn ($571m) from its sale of 42.97m L-shares, excluding overallotment options, at MXN172 each on Tuesday. The shares traded down on Wednesday, closing at MXN166.97. Some 27.13% was sold to international investors. A strong bid was heard to come from South American accounts, echoing a trend seen in a follow on by A

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