Slim's Spinoff Proved to Be Mexico's Worst Debut of 2015: Chartby
Investors in billionaire Carlos Slim’s latest offering are experiencing the worst results of any stock market debut in Mexico last year. Telesites SAB, America Movil SAB’s wireless towers unit, tumbled 22 percent in the first two months after its Dec. 21 start, compared with a 1.8 percent average increase for all offerings. The uncertainty on future tower rentals and a likely oversupply of shares during the initial months of trading have held down prices, Gregorio Tomassi, an analyst at Itau BBA, said in a Feb. 26 note. Under the spinoff rules, shareholders in Slim’s America Movil received Telesites stock, and some investors have sold their holdings to meet portfolio composition requirements. Telesites’ investor relation’s office didn’t reply to e-mails seeking comment.