logo
Share SHARE
FONT-SIZE Plus   Neg

Sempra Energy's IEnova Prices IPO At Ps 34.00 Per Share - Quick Facts

Sempra Energy (SRE) announced that its subsidiary Infraestructura Energetica Nova, S.A.B. de C.V. or IEnova has priced its private offering of about 91.04 million shares of Class II, Single Series, common stock at an initial offering price of 34.00 Mexican pesosper share, or about US$2.75.

Simultaneously, IEnova also priced its initial public offering registered in Mexico of about 98.62 million shares of common stock at the same initial offering price. Settlement of the offerings is expected to occur on March 27, 2013.

The initial purchasers in the private offering and the underwriters in the Mexican public offering have been granted a 30-day option to purchase up to an additional 28.45 million shares of common stock at the initial offering price, less the underwriting discount, to cover overallotments, if any.

The aggregate shares of common stock to be sold in the offerings represent about 16.85 percent of IEnova's outstanding ownership interest, and approximately 18.9 percent of IEnova's outstanding ownership interest if the 30-day overallotment option is exercised in full.

The company estimates the net proceeds of the offerings to be about Ps.6.1 billion or US$496 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by IEnova, and prior to any exercise of the 30-day overallotment option.

IEnova expects to use the net proceeds of the offerings primarily for general corporate purposes, including the funding of its current investments and ongoing expansion plans.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The bench to bedside journey of drugs is fraught with challenges. It is estimated that only 5 in 5,000 compounds that enter preclinical testing make it to human testing, and out of those 5, only 1 may pass through all the regulatory hurdles needed to reach pharmacy shelves. Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions.
comments powered by Disqus
Follow RTT