Alfa unit Nemak raises US$682 million in Mexico IPO

Nemak, the auto parts unit of Mexican conglomerate Alfa, raised 10.752 billion pesos (US$682 million) in its initial public offering, the company said on Wednesday.

Tuesday's IPO priced the shares at 20 pesos (US$1.2) each.

Ramón 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.