(Updates to add underwriters in sixth paragraph.)
July 14 (Bloomberg) -- Banregio Grupo Financiero SAB, the 12th biggest Mexican bank by loans, priced its initial public offering at 32 pesos a share, near the bottom of its marketed range, according to two people familiar with the matter.
The company raised 1.8 billion pesos ($153.6 million) before an overallotment option known as the greenshoe, said the people, who couldn’t be identified because the details of the transaction aren’t yet public. The underwriters may exercise an option to buy additional shares within 30 days, which would bring the offering to 2.1 billion pesos.
The sale was 2.4 times oversubscribed, the people said.
The IPO marked the first initial share sale from a financial services firm in Mexico since Corp. Actinver SAB went public in May 2010.
Banregio, based in the Monterrey suburb of San Pedro Garza Garcia, Mexico, had planned to sell the shares within a forecast range of 31.50 pesos to 40 pesos, according to a prospectus filed with the stock exchange before the sale.
Citigroup Inc.’s Banamex unit and Grupo Financiero BBVA Bancomer SA managed the sale.
Airline Grupo Aeromexico SAB, the last Mexican company to hold an IPO, has lost 15 percent since it sold shares in April. Mexican initial share listings have lost an average of 1.8 percent in their first 20 days of trading, according to data compiled by Bloomberg since April 2010, when the country snapped a 22-month period without a new listing.
--Editors: Shiyin Chen, Allen Wan
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