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Pinfra Said to Plan $391 Million Share Sale for Next Month

Promotora y Operadora de Infraestructura SAB, Mexico’s fourth-largest infrastructure company by sales, will carry out plans to raise about 5 billion pesos ($391 million) through a share sale in early October, according to two people familiar with the matter.

Pinfra said in a prospectus filed in May that it will offer as much as 61.2 million shares to the public before the overallotment option for underwriters to buy shares. The so- called greenshoe would push the sale to as many as 70.4 million shares, valued at about 5 billion pesos based on current prices of existing shares.

The deal is part of a wave of potential share sales poised to follow Banco Santander SA (SAN)’s more than $4 billion offering of stock in its Mexican unit, set to price on Sept. 25. Mexichem SAB’s (MEXCHEM*) shareholders at a meeting today approved a plan to sell about $1 billion of new stock in the chemical company controlled by billionaire Antonio del Valle, Enrique Ortega, director of strategic planning and investor relations, said by phone.

JPMorgan Chase & Co., Credit Suisse Group AG and Grupo Financiero Banorte SAB are managing the sale, according to the prospectus. Pinfra will use the money to finance projects, pay debt and possibly make acquisitions, according to the filing.

Pinfra’s stock has gained 26 percent this year in Mexico City trading. The shares slipped 1.6 percent today to 70.87 pesos.

To contact the reporters on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net; Jose Enrique Arrioja in Mexico City at jarrioja@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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