Mexico’s Elementia to Raise About $290 Million in IPO Next Month

Elementia SAB, the building-materials company owned by Mexican billionaires Carlos Slim and Antonio Del Valle Ruiz, plans to raise about 4.5 billion pesos ($290 million) in its initial public offering next month.

The company, which makes everything from cement to copper products, said in regulatory filings Thursday that the IPO will take place July 9, with a price range of 20 to 25 pesos per share. The plan is to sell 201 million shares excluding an overallotment option.

Elementia has hired Credit Suisse Group AG, Morgan Stanley and Citigroup Inc. as global coordinators for the deal, according to the filing. HSBC Holdings Plc, Banco Santander SA, Banco Bilbao Vizcaya Argentaria SA, Grupo Financiero Inbursa SAB and Banco Ve Por Mas SA also are serving as underwriters.

Elementia plans to use $250 million from the IPO to expand its cement capacity in next two years. Slim, the world’s fourth-richest man based on the Bloomberg Billionaire’s index, has a 49 percent stake in the Mexico City-based company. The remainder is held by the Del Valle family’s Grupo Kaluz.

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