MEXICO CITY — TV Azteca shares closed up almost 1 point Friday to $19.18 during its first day of trading on the N.Y. Stock Exchange.
Mexico’s No. 2 broadcaster completed its initial public offering of 18.5% of the company Thursday night for a total of $526 million, which implies a market valuation for the company of $2.85 billion, TV Azteca said in a statement released Thursday.
The global offering placed certificates of participation (CPOs) and American and Global Depository Shares in the Mexican, European and New York markets. In the U.S., where 59% of the offering was sold, the final price of $18.25 per ADS was higher than earlier estimates.
Chairman Ricardo Salinas Pliego and his fellow investors purchased the two channels that comprise TV Azteca in June 1993 as part of a $640 million package of investments. At the time of purchase, they valued the channels at just $500 million.
Friday, in an interview with the Reuters news service, Pliego said TV Azteca might invest as much as $200 million over the next three years in expansion projects abroad.
“We want to buy stations in Central America and South America, so that they can use our product,” he said.
The company itself only raised about $50 million from the offering, as more than 90% of the shares were sold by investors Alberto Saba, a trust run by financial company Bursamex and others.
However, given the prospects for a higher offering price than initially planned, the investors opted to reduce the amount of the secondary offering about two weeks ago, a source close to the deal told Daily Variety.
Before the offering last week, the TV Azteca-NBC fight was back in the news, with NBC telling Mexico City daily newspaper Reforma that it could obtain a stake in TV Azteca plus a cash payment for services rendered should a judge rule in its favor.
In a statement issued Wednesday night, TV Azteca reiterated its position that NBC did not fulfill the terms of their contract, rendering the option to take a stake in TV Azteca void.