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Alfa unit Nemak raises US$682 million in Mexico IPO

Tuesday's IPO priced the shares at US$1.2 each. Some of the funds raised could be used to finance Alfa's purchase of Canadian oil firm Pacific Rubiales.

Taken from the company's website
01/07/2015 |08:53Reuters |
Redacción El Universal
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Nemak, the auto parts unit of Mexican conglomerate Alfa, raised 10.752 billion pesos (US$682 million) in its initial public offering, the company said on Wednesday.

Tuesday's IPO priced the shares at 20 pesos (US$1.2) each.

Ramón Leal, Alfa's chief finance officer, said last month that some of the funds raised could be used to finance its purchase of Canadian oil firm Pacific Rubiales.

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Nemak, which is part-owned by Ford Motor Co, accounts for more than one-quarter of Alfa's revenue.