March 23, 2018 / 5:32 AM / a month ago

Mexican finance firm Promecap raises $300 million in IPO

MEXICO CITY (Reuters) - Mexican financial investment company Promecap said on Thursday it had raised $300 million in an initial public offering of equity via the country’s stock exchange.

Promecap, a so-called special purpose acquisition company (SPAC), said in a statement it had sold 30 million so-called “units” at $10 apiece. Each unit guarantees the holder one share in the company and an option to purchase more shares.

The money was raised both inside Mexico and among foreign investors via the stock exchange, Promecap said.

Headed by Mexican businessman Fernando Chico Pardo, Promecap said it aimed to use the capital raised to seek investment opportunities in various sectors.

Reporting by Noe Torres; Editing by Kim Coghill

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