Paul Hastings instructed on first Latin American IPO of 2016

Mexican homebuilder Javer has instructed Paul Hastings on its global offering of shares which consisted of a public tranche in Mexico, a private placement in the United States and a Regulation S offering in other countries

According to market reports, the offering raised 1.8bn Mexican pesos ($100.90 million) and is the region’s first IPO of the year. In line with current market conditions, the shares were priced at 19 pesos each, below what Javer had sought and expected. Banco BTG Pactual and Evercore Group acted as underwriters in the international offering outside of Mexico. 

Javer is headquartered in Monterrey and is one of the largest housing development companies in Mexico.

Paul Hastings also advised Javer on its concurrent tender offer for up to $136 million of its outstanding 9.875% Senior Notes due 2021, which will be paid in part with the proceeds from the IPO.

Partners Mike Fitzgerald, Arturo Carrillo and Joy Gallup led the Paul Hastings team advising Javer on both matters.