Santander's Mexico unit sets terms for New York IPO
Sept 4 (Reuters) - Spanish bank Santander's Mexican unit, Santander Mexico Financial Group, said it plans to sell 235 million American depositary shares at between $10.99 and $12.70 apiece in its New York listing.
The bank, Mexico's third-largest by assets, is looking to sell 6 percent locally with another 18.7 percent offered overseas, in a concurrent stock listing in Mexico and New York.
The listing, expected to raise between $3 billion and $4 billion, is on track to become the biggest ever on the Mexican stock exchange.
The ADSs are expected to start trading on the New York Stock Exchange on Sept. 25 under the symbol "BSMX".
Santander Mexico filed a placeholder of up to $100 million on August 17.
Banco Santander and its Santusa Holding unit are selling the American depositary shares in the offering, with each ADS representing five shares of Santander Mexico's Series B common stock.
Santander Investment Securities, UBS Investment Bank, Deutsche Bank Securities and BofA Merrill Lynch are acting as lead underwriters to the IPO.
© Thomson Reuters 2016 All rights reserved.