Alfa unit Nemak raises $682 mln in Mexico IPO

Wed Jul 1, 2015 9:12am EDT
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MEXICO CITY, July 1 (Reuters) - Nemak, the auto parts unit of Mexican conglomerate Alfa, raised 10.752 billion pesos ($682 million) in its initial public offering, the company said on Wednesday.

Tuesday's IPO priced the shares at 20 pesos each.

Ramon Leal, Alfa's chief finance officer, said last month that some of the funds raised could be used to finance its purchase of Canadian oil firm Pacific Rubiales.

Nemak, which is part-owned by Ford Motor Co, accounts for more than one-quarter of Alfa's revenue. ($1 = 15.7629 Mexican pesos) (Reporting by David Alire Garcia)