UPDATE 2-Mexico’s Actinver prices $58 million IPO

* Asset manager prices IPO at 10.75 pesos/shr

* Second stock listing after nearly 2-year break
(Adds detail on company’s profits, size)

By Michael O’Boyle

MEXICO CITY, May 5 (BestGrowthStock) – Mexican asset manager
Actinver (ACTINVRB.MX: ) priced a $58 million initial public
offering on Wednesday, marking the second public listing in
Mexico in a week after a nearly two-year drought.

Mexico-City based Actinver, a brokerage and mutual fund
operator, priced its own initial public offering at 10.75 pesos
per share and sold about 68.4 million shares, a source at
Actinver said.

The company went ahead with the IPO despite a sharp
pullback in local stock prices this week due to concerns about
the widening debt crisis in Europe.

Actinver plans to use funds from the offer, which priced in
the mid-range of guidance, to capitalize and pay down

Actinver posted total operating income of 1.37 billion
pesos in 2009 and a net profit of 152 million pesos, according
to documents filed at the Mexican stock exchange.

The company is the ninth-biggest brokerage in Mexico, in
terms of assets under management, and has 70 branches in 22
Mexican states.

Last week, supermarket chain Chedraui (CHDRAUIB.MX: ) became
the first company to publicly list since mid-2008, when
personal care company Genomma Lab (LABB.MX: ) and stock market
operator Bolsa Mexicana de Valores (BOLSAA.MX: ) went public.

The scarcity of listings in Mexico springs partly from an
economy dominated by industry giants and a tradition of guarded
family ownership. Many owners prefer to depend on bank loans
rather than surrender a minority stake of their firms.

But rising pension fund flows into stocks, recent all-time
highs for Mexican stocks and increased liquidity are making
IPOs more attractive.


($1 = 12.7325 per U.S. dollar)
(Editing by Steve Orlofsky)

UPDATE 2-Mexico’s Actinver prices $58 million IPO