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Reuters Staff -Vista Oil & Gas completes $650 mln IPO in Mexico

By Reuters Staff

Petroleumworld 08 14 2017

Mexican energy investment firm Vista Oil & Gas has completed a $650 million initial public offering, the company said in a statement on Thursday.

Vista's IPO marks the entry into Mexico's stock exchange of the country's first publicly traded oil firm, four years after a landmark energy reform ended the decades-long monopoly enjoyed by state-run Pemex.

Vista said it successfully offered 65 million shares at $10 each, half in Mexico and the other half in the United States and other unidentified countries.

"Financial markets have supported our vision of Vista," company President Miguel Galuccio said in a statement.

The company, which has backing from private equity firm Riverstone Capital and is the first special purpose acquisition vehicle (SPAC) in Mexico, had planned to raise at least $500 million through the IPO, according to the prospectus.

SPACs are publicly traded buyout firms that raise funds to later complete acquisitions of assets. The company's purchase targets range from Mexico, Brazil, Colombia and Argentina.

Reporting by Noe Torres and Marianna Parraga; Editing by Sandra Maler and Leslie Adler from Reuters.

08 10 2017

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