Nemak Raises $864M with IPO

On June 30, Nemak SAB, García, Nuevo Leon, Mexico, sold shares in what was the country’s biggest IPO since 2013. Selling a 20% stake, the company raised a total of $864 million. According to filings with the Mexican stock exchange, the automotive parts manufacturer sold 618 million shares both in Mexico and abroad.

Nemak, a unit of Alfa SAB, Nuevo Leon, Mexico, indicated the proceeds from the IPO would be used for additional expansion and distributions to existing shareholders, including Alfa and Ford Motor Co. Nemak produces engine blocks, cylinder heads and other transmission components in 35 plants across 15 facilities in Asia, Europe and the Americas.