Billionaire Carlos Slim’s Mexican retailer Grupo Sanborns SAB sold shares in an initial public offering today in the lower half of its projected price range, according to three people with direct knowledge of the sale.
The shares sold for 28 pesos ($2.20) each in the IPO, said the people, who asked not to be named because the information is still private. The company had given a projected price range of 27 pesos to 32 pesos in the prospectus.
Jorge Serrano, investor relations director for Grupo Carso SAB, the holding company that controls Sanborns, didn’t respond to a phone call and e-mail seeking comment on the price after normal business hours.
Slim sought about 12.5 billion pesos in the offering in part to build new retail stores and remodel others, according to the prospectus. In addition to its namesake shops and restaurants, Sanborns also operates Sears department stores and iShops that sell Apple Inc. computers, phones and tablets.
Grupo Carso shares slipped 0.2 percent to 61.61 pesos today in Mexico City trading.