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Banking, finance, and taxes

Spain’s Santander Raises $3.57 Billion in Mexican IPO

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By Paul Ausick Updated Published
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Spain’s Banco Santander SA (NYSE: SAN) held dual IPOs this morning for about 25% of the bank’s Mexican unit, Grupo Financiero Santander Mexico SAB. de C.V. (NYSE: BSMX). The American Depositary Shares (ADS) went out at $12.18 and traded more than a dollar higher than the IPO price in the mid-afternoon (each ADS is equal to five ordinary shares).

Santander sold about 19% of its Mexican unit in Mexico and the other 6% in the U.S. The Spanish bank plans to use the proceeds from the IPO to bolster its capital position. Santander is the fourth largest bank in Mexico and the largest that is publicly traded. The IPO values Santander Mexico at about $16.45 billion.

Today’s IPO is the largest in the U.S. financial sector since Santander raised $7.5 billion in the IPO of its Brazilian unit in 2009.

Santander Mexico ADSes are now trading at $13.26, up 8.9%. More than 123 million have traded hands so far today.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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