Alpek Raises $850 million in IPO

Alpek, the petrochemical unit of Grupo Alfa (Garza Garcia, Mexico), has raised an estimated 11.1 billion pesos ($850 million) in its recent initial public offering (IPO) on the Bolsa Mexicana de Valores (BVM). The shares represent about 18% of Alpek. The April 26 deal priced shares  27.50-31.50 pesos/share; shares were trading at 29.41 pesos at the close of the week ended May 4. The Alpek IPO is the first in Mexico since last July, in part because concerns about the euro zone put a damper on IPO activity last year and the beginning of this year, according to...

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