Santander Mexico shares leap on first day

BANCO Santander’s Mexican unit’s newly listed shares rose sharply yesterday after its Spanish parent raised $4bn (£2.5bn) in the second-largest listing in the US this year behind Facebook. Santander Mexico’s chief exec, Marcos Martinez (pictured), said the IPO was nearly five times oversubscribed. The float, the biggest ever by a Mexico-listed company, valued Santander Mexico at $16.5bn. The New York-listed shares closed at $13, after pricing at $12.19. The company wanted to create extra cash buffers against potential losses from Spain’s property crash.