The Spanish lender said in its filing to Mexico’s stock exchange that it will market up to 6.2% shares, which stood at 422.5 million of its Mexican subsidiary on the local stock market.
The bank, which is struggling to emerge from the quagmire of recession at domestic front and eurozone debt crisis, runs numerous operations in Latin America.
The bank said that it will market up to 18.7%, or 1.3 billion of the shares through an instantaneous offering on the New York Stock Exchange.
As per the paper submitted by the eurozone bank, contestant in the international offering would get American Depositary Shares, each of which will be valued as five of the Mexican-listed shares.
The bank has not revealed the pricing of the proposed offering, although said it would retain a majority stake after selling the shares.
According to industry estimates, Santander Mexico’s IPO could range between $3bn and $4bn, which will initially boost the working capital of the Spanish lender.
