Unifin Financiera SAB surged in its trading debut after the Mexican leasing company carried out a 3.14 billion peso ($206 million) initial public offering.
The shares jumped 9.8 percent to 30.75 pesos at 9:13 a.m. in Mexico City after earlier climbing 12 percent. They were priced Thursday at 28 pesos apiece in a deal that ended a six-month drought in Latin America IPOs. The transaction was more than seven times oversubscribed, meaning demand outstripped supply by that multiple, said a person with knowledge of the matter who asked not to be identified discussing private information.
The company told investors in its IPO marketing materials that it saw an opportunity for growth in an underpenetrated and fragmented local credit market. The level of interest in the stock may also reflect pent-up demand after volatile stock and currency markets kept the the door closed to new issuance for months from Mexico to Brazil, the region’s long-time IPO leader.
The Mexico City-based company provides leases for products including airplanes, construction machinery and X-ray machines.