Alpek Raises $800 Million in Initial Public Offering

Alpek, the petrochemical unit of Grupo Alfa (Garza Garcia, Mexico), has raised an esti mated 10.8 billion pesos ($800 million) in its recent 27.50 pesos/share initial public offering (IPO) on the stock exchange Bolsa Mexicana de Valores (BMV; Mexico City). The shares represent about 18% of Alpek. The IPO is one of the biggest chemical sector offerings in the last 10 years, and is the first for any Mexican company since last July. Lead underwriters were Banamex unit Accival and HSBC. Alpek makes polyester fibers and expandable polystyrene. Alpek says the IPO will...

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