Elementia raises MXN3.93bn with IPO, Mexico

Mexican construction holding Elementia raised MXN3.93bn (US$250.15m) with its initial public offering (IPO) on 9 July 2015.

The company set an initial price of MXN17 per share and obtained resources 15 per cent below the estimated target of MXN 5.20bn.

The maximum share price reached MXN18.50 which resulted in a net sum of MXN 3.77bn obtained, which will be invested in Fortaleza, the company's cement division.

The resources will cover the expansion of production capacity at its Tula plant and a partial payment of Lafarge's acquisition. The IPO was distributed between Mexican investors (81 per cent) and international companies (19 per cent).