As we reported on Friday, Compartamos, a Mexican microbank, gave an initial public offering on Friday in both Mexico and the USA. Below is an excerpt from the Reuters news agency (which can be seen in full here);

“MEXICO CITY, April 20 (Reuters) – Shares of small Mexican bank Compartamos, which specializes in lending to mom-and-pop businesses, surged as much as 34 percent in their $407 million stock market debut on Friday.

Owners of Banco Compartamos, which means "let’s share" in Spanish, sold about 30 percent of the bank, spokeswoman Luisa del Castillo told Reuters.

More than 80 percent of the offer was placed in New York, with the rest on Mexico’s stock exchange, according to a company release. Mexican shares of Compartamos jumped as high as 53.53 pesos after the company priced the offer at 40 pesos per share. In afternoon trading the stock eased back slightly to 52 pesos.

Compartamos said it sold 111,572,532 shares, with an over allotment provision of 16,735,880 shares. It was unclear whether banks managing the offer exercised the over allotment, worth about $61 million.”